STOCKHOLM — Hexpol AB has acquired the business of Portage Precision Polymers Inc. from founder Doug Hartley and his family.
Hartley started the U.S. rubber compounding business in 2002 and operates facilities in Mogadore and Ravenna, Ohio, with a silicone rubber mixing unit in Mogadore.
Hexpol said the acquisition amounts to about $13.2 million on a cash and debt free basis. The firm said Portage Precision Polymers had sales of $29 million in 2013.
The Ravenna facility is not included in the transaction, but Hexpol said its business will be transferred to other Hexpol facilities.
“The acquisition is a very good complement to Hexpol Compounding in the U.S. and broadens and strengthens our presence in rubber compounding,” said Tracy Garrison, president and CEO of Hexpol Compounding NAFTA, in a statement. “Portage Precision expands our capabilities and capacities to serve our customers in a more efficient way.”
Hexpol also finalized its acquisition of the Vigar Rubber Compounding business from Grupo Vigar, which primarily serves the Spanish and German markets.
Vigar operates facilities in Rubi, Spain, and Viersen, Germany, with 134 total employees — 88 in Spain and 46 in Germany. Hexpol said the firm had sales of about $71.2 million in 2013.
Hexpol said it paid about $23.7 million to acquire Vigar.
Hexpol is a global polymers group with a presence in advanced rubber compounds, gaskets for plate heat exchangers and plastic and rubber materials for truck and castor wheel applications. The group has about 3,700 employees in 11 countries and reported 2013 sales of about $1.08 billion.
