Sweden-based Hexpol Group has signed an agreement to acquire 100 percent of the shares in thermoplastic compounder McCann Plastics LLC from the McCann family for $120 million.
McCann, which specializes in niche thermoplastic compounds for rotational molding and other applications, invested "substantially in capacity and technology" over the last few years to meet the increased demand for its products, a Nov. 2 news release said.
"The acquisition of McCann is fully in line with our growth strategy with acquisitions within polymer compounds and strengthens our market position in the U.S.," Hexpol Group CEO Georg Brunstam said in the release.
"McCann has a strong position within its market niche that complements and widens our customer offer," Jan Wikström, president of Hexpol Thermoplastic Compounding, said. "The company is well invested with high competence in specialized thermoplastic compounds. We are looking forward to continued growth with McCann being part of Hexpol."
The transaction is expected to close after regulatory in the fourth quarter of 2022.
North Canton, Ohio-based McCann has two Ohio locations with 100 employees. Its main end markets are general industry, agriculture and the fast growth segment of specialized cooling boxes.
Hexpol, based in Malmö, has 19 sites in the U.S. with thermoplastics, thermoplastic elastomer and rubber compounding.