Plastics recycler and strapping maker Polychem Corp. is being sold.
The Mentor, Ohio-based company, which makes both PET and polypropylene strapping, was acquired by The Sterling Group, a private equity firm based in Houston.
Polychem, located in the eastern suburbs of Cleveland, has been family owned since the 1980s. The business includes a PET recycling facility that reprocesses post-consumer material for use in extrusion lines for strapping. The recycled PET also is sold to consumer packaged goods companies for their use.
Polychem also makes packaging equipment for its strapping customers, the new owner said in a statement.
The investment firm's current portfolio includes Tangent Technologies LLC, an Aurora, Ill., maker of recycled high density polyethylene lumber.