Hexpol gains 70% share of German recycled polymer compounder

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.

Hexpol said the purchase was in line its M&A strategy, which seeks to grow in thermoplastic compounding and high recycled-content specialty engineered polymers.

According to its website, Almaak produces 60,000 metric tons per year (60 kpta) of technical thermoplastics, including polyamides, polycarbonate and polypropylene at manufacturing plants in Krefeld and Doberlug-Kirchhain.

The transaction is set for completion in the second quarter of 2022, and Eichstadt and Schmeinta will stay with the company post-acquisition, Hexpol said.