By: Frank Esposito
February 19, 2013
CHESHIRE, CONN. -- Resin distributor Osterman & Co. Inc. has acquired fellow distributor Quimtec LP of Costa Rica for an undisclosed price.
Quimtec distributes polyethylene and polypropylene resins throughout Central America for the Equistar unit of LyondellBasell Industries. Cheshire, Conn.-based Osterman will operate Quimtec as part of its Latin American Polymers Co. unit.
Osterman President John Dwyer said in a Feb. 15 news release that the acquisition "will solidify our position as a leading plastic resin distributor in the Americas."
"We are continuing to penetrate our other key strategic global markets as well as looking for acquisitions that complement our business," he added.
Osterman was founded in 1976 and distributes commodity and engineering resins for several suppliers, including Celanese Corp., Formosa Plastics Corp. USA, Nova Chemicals Corp. and Ineos Group.
Quimtec – based in San Jose, Costa Rica - was launched in 1989 by industry veteran Kevin Stolle, who is expected to remain with the firm.