Fluoropolymer maker Dyneon LLC has bought Hitech Polymers Inc., a specialty compounder based in Hebron, Ky.
Hitech operates eight compounding extrusion lines at a 60,000-square-foot plant in the Cincinnati area. The 25-year-old firm employs about 15 and has annual capacity of 40 million pounds. Dyneon would not disclose the purchase price or Hitech's sales figures.
The move will improve Dyneon's speed to market, President and General Manager Netha Johnson said in a March 4 news release.
In 2005, Hitech added a compounding extrusion line to boost production of thermoplastic elastomer compounds. Most of the firm's production is based on polycarbonate, ABS and other engineering resins.
Hitech produces its own line of compounds and also does some toll compounding. End markets include injection molded parts, consumer products, housewares, extruded sheet and packaging.
Hitech President Gerald Miller, who owned the firm with his wife, Thomasine, will remain as a company adviser for two years.
Oakdale, Minn.-based Dyneon - a unit of materials and technology firm 3M of St. Paul, Minn. - makes several lines of fluoroplastics, fluoroelastomers and specialty additives. Dyneon employs more than 800 worldwide.
3M posted sales of $24 billion in 2007. Dyneon sales were unavailable.