KREFELD, Germany—Hexpol A.B. will acquire 70 percent of the shares in German recycled polymer compounder Almaak International GmbH.
Hexpol announced the signing of the deal, valued at approximately $76.6 million (€70 million), in a March 8 statement.
Based in Krefeld, the company is currently owned by Olaf Eichstadt and Thomas Schmeinta, and it employs 190 people across two production facilities in Germany, Hexpol said.
The compounder reported sales of $82 million in 2021, with a profitability level "just below the Hexpol Group," according to the statement.
Described as "specialist in high quality recycled engineered polymer compounds," Almaak mainly supplies to the European automotive industry.