Hexpol (Malmö, Sweden; www.hexpol.com) has bought 70% of German compounder Almaak International (Krefeld) for around EUR 70 mn on a cash and debt free basis.

The Swedish firm has an option to acquire the remaining shares from Almaak’s exiting owners, Olaf Eichstädt and Thomas Schmeinta, who are staying on with the company and who also have the option to sell their remaining shares to Hexpol. The deal is set to complete after regulatory approval, expected in the second quarter of 2022.

Speaking about the acquisition, Georg Brunstam, the Hexpol group’s chief executive, said it was “fully in Hexpol Group. Almaak’s focus and expertise on high-quality recycled engineered compounds also fits very well into our sustainability development”.

Related: Launch of TPE with recycled content for automotive interiors

Operating from two sites in Germany and employing approximately 190 staff, Almaak’s main end user market is the European automotive industry. The company’s turnover in 2021 amounted to around EUR 75 mn. Last year Hexpol reported turnover of SEK 16 bn (EUR 1.51 bn), and earnings before interest and tax of SEK 3 bn.

In Sweden, Hexpol uses the mass-balance approach to produce TPE materials with certified bio-plus or bio-circular content and received ISCC Plus certification (see Plasteurope.com of 25.02.2022).