KREFELD, Germany—Hexpol A.B. has completed the acquisition of a 70-percent stake in German recycled polymer compounder Almaak, for approximately $76 million (€70 million).
Based in Krefeld, Germany, the company was previously owned by Olaf Eichstadt and Thomas Schmeinta, who will continue to serve as Almaak's CEOs.
Hexpol said the purchase was in line its M&A strategy, which seeks to grow in thermoplastic compounding and "high recycled-content" sspecialty engineered polymers, according to an April 4 news release.
"Furthermore, the acquisition strengthens our market position in Europe," said Georg Brunstam, group CEO.