LyondellBasell's APS unit has seen mixed financial results in 2022. The unit's third-quarter sales were flat at $1.3 billion, but operating profit was down almost 60 percent to $38 million. In the first nine months of 2022, the unit's sales were up 6 percent to $4.13 billion, but operating profit slipped 24 percent to $226 million.
At Avient, the firm's color, additives and inks unit saw third-quarter sales drop almost 4 percent to $565 million, even as operating profit ticked up almost 3 percent to around $69 million. For nine months, sales were flat at just under $1.9 billion, with operating profit up 6 percent to almost $257 million.
For Avient's specialty engineered materials unit, third-quarter sales were up almost 12 percent to $258 million, with operating profit up almost 5 percent to more than $31 million. For nine months, sales were up almost 9 percent to $743 million, with operating profit up 6 percent to $104 million.
Compounders and concentrate makers also have been active in mergers and acquisitions in the last 12 months. Geon made two first-half deals, starting by acquiring PVC compounder Roscom Inc. That firm makes flexible and rigid PVC compounds for indoor and outdoor applications at a site in Croydon, Pa.
Geon then acquired PVC compounder Cary Compounds LLC of Manalapan, N.J. Cary makes flexible and semi-rigid PVC compounds for wire and cable, profile extrusion, injection molding and other applications.
Peacock's Ubhi acquired a majority stake in Poly Compounding LLC, a toll compounder in Elgin, Ill. Poly Compounding specializes in highly engineered compounds and processes, especially for heat- and shear-sensitive applications. Poly Compounding is located about 30 miles from Peacock. In addition to Peacock, Ubhi also owns Vortex Liquid Color Inc. of Sheboygan, Wis.
Star found a new owner in the second half of the year, when it was acquired by Akoya Capital Partners. Doug Ritchie founded Star in 1988. Akoya is a Chicago-based private equity firm. Its current portfolio includes nine manufacturing and service companies.
Chroma and Teknor Apex each made multiple first-half deals. Chroma bought dyemaker Adam, Gates & Co. LLC of Hillsborough, N.J. Chroma also snagged J. Meyer & Sons Inc., a West Point, Pa.-based maker of color concentrates for medical and pharmaceutical markets. Chroma, owned by New York investment firm Arsenal Capital Partners, has made nine deals in less than four years.
Teknor Apex acquired the dry color business of Dorum Color Co. of Akron, Ohio, and then added Lanier Color Co. of Gainesville, Ga. The Dorum deal is an asset purchase, with Dorum customers now supplied from a Teknor Color plant in Henderson, Ky. Lanier makes color concentrates and specialty compounds, with a focus on the building and construction market.
In September, Techmer found a new majority owner for the second time in less than three years. Private equity firm Gryphon Investors of San Francisco bought a majority stake in the firm. Techmer management, including founder Manuck, and investment firm SK Capital retain minority stakes. Manuck, who began his plastics career in 1969 at a resin plant operated by Monsanto Inc. in Massachusetts, said he will continue to have a "more strategic role" with Techmer.
Aurora in October merged with Enviroplas Inc. of Evansville, Ind., to create a larger company with a broader product offering. Enviroplas operates out of two sites in Evansville. The combined firm offers a broad range of custom compounding capabilities and technologies, including engineered polymers, PVC compounds and thermoplastic elastomers. Aurora has been majority owned since 2021 by investment firm Nautic Partners of Providence, R.I.