Geon Performance Solutions LLC is acquiring PolymaxTPE, a maker of thermoplastic elastomers with operations in China and the United States.
Polymax Thermoplastic Elastomers LLC brings locations in Nantong, China, and Waukegan, Ill., to Westlake, Ohio-based Geon.
"This addition represents a key step forward in Geon's strategy. The Nantong facility and tenured team will enable us to better serve our customers in the Asia-Pacific region and the facility in Illinois will support our continuous growth in North American markets through expanded polymer solutions and market access," Geon CEO Tracy Garrison said in a statement.
PolymaxTPE was founded in 2005 in China and expanded to Waukegan in 2015.
"We intend to maximize the incredible expertise of the PolymaxTPE team augmented by the resources of Geon and look forward to bringing its TPE solutions to our customers," Garrison said. "PolymaxTPE is a recognized leader in TPE research, development and manufacturing, serving customers globally."
Geon is owned by SK Capital Partners, a private equity firm.
"PolymaxTPE's leading thermoplastic elastomer technology will be fully leveraged by Geon to make the combined company a global leader in thermoplastic elastomer," said Martin Lu, chief technology officer and co-founder of PolymaxTPE, in a statement.