Mexico City — Global chemicals distributor Tricon Energy Inc. acquired Mexico's Polymat SA de CV in early December. Financial details of the deal were not disclosed.
In a statement, Houston-based Tricon said the acquisition of Polymat "aligns strategically with Tricon's focus on growth and customer service."
Polymat, it added, has a diverse product portfolio of polymers, engineering plastics and additives, three terminal shipment centers, and warehouses across the region.
"This acquisition not only opens new doors for Tricon but also creates exciting opportunities for synergy and further solidifies Tricon's position in the polymer distribution market," the statement said.
Included in the acquisition is Q-Logistics, a Mexico-based logistics service provider. Polymat has been in business for 35 years and Tricon for 27 years.
Ángel Oria, Polymat's general manager, said that by combining their experience Polymat and Tricon will be able to "better serve the market in Mexico and beyond."
Oria will remain with Polymat to "support the transition and strategic growth plan of the business," Alfredo Prince. Triton Energy's North America Distribution Business Director, told Plastics News in an email Dec. 19. "We have a contract agreement in place for the next 24 months." The Polymat brand will be retained, Prince added.
Oria founded Polymat in 1988 together with Fernando López, a partner. He is a former president of Mexico's plastics industry association, Anipac.
"This combination validates the success of Polymat over our 35-plus years in business and marks the next chapter in our growth together with Tricon," Oria said.
Asked whether Tricon plans more acquisitions in Mexico, Prince replied: "We will keep evaluating if there are opportunities that make sense for our growth strategy in the Americas."