Materials distributor IMCD NV has acquired three distribution firms that operate under the PromaPlast name.
The acquisition by IMCD, based in Rotterdam, the Netherlands, includes PromaPlast Resinas SA de CV, Proveedora de Materiales Plásticos SA de CV and PromaPlast USA Inc. Those firms distribute plastic resins and specialty materials in Mexico and the United States.
"The acquisition of PromaPlast is an exciting step into a major new market for IMCD México and further expands our capabilities in the U.S.," IMCD Advanced Materials group director Olivier Champault said in a news release.
"PromaPlast is a complementary addition to our global network of advanced materials experts and underscores our commitment to expanding opportunities for customers in Mexico and suppliers seeking a strong, reliable channel partner in the region," he added.
Privately owned PromaPlast was founded in 1996 and is based in Lerma, Mexico. The firm has a highly diversified portfolio of resins and compounds to serve the packaging, footwear, consumer goods, home appliances, automotive and other industrial markets. PromaPlast also distributes additive concentrates.
"This acquisition is a natural progression into the next phase of PromaPlast's 25-year history," said PromaPlast General Manager Ricardo Méndez said. "With IMCD's range of resources, capabilities and global network, our team's horizon has expanded to reach greater heights — we are looking forward to work towards an exciting future together."
PromaPlast employs around 150 and operates six sales offices as well as multiple warehouses. In 2021, the firm posted sales of $77 million. The sale to IMCD is expected to close next month.
Publicly traded IMCD employs 3,700 worldwide and posted sales of close to $3.4 billion in 2021.