With an eye toward the American thermoplastic elastomer market, Sweden-based Hexpol AB is adding Chicago-area TPE compounder Star Thermoplastic Alloys and Rubbers Inc. to the fold.
Hexpol purchased 100 percent of the shares of the 30-person company on Nov. 14 for about $26.5 million, on a cash and debt-free basis, from Thomas Dieschbourg, president of Star Thermoplastics.
Star Thermoplastics will be consolidated by Hexpol retroactive to Nov. 1 and continue under Hexpol Compounding Americas, specifically Hexpol TPE Americas.
"The acquisition of Star Thermoplastics is in line with our growth strategy and will enable Hexpol to enter the American TPE market through a well-established company with a strong product portfolio," said Peter Rosen, Hexpol Group chief financial officer and acting CEO.
Hexpol said it will use a similar template in making inroads in the American TPE market as it did to drive success in the European TPE market.