Sweden-based Hexpol Group has signed an agreement to acquire 100 percent of the shares in thermoplastic compounder McCann Plastics L.L.C. from the McCann family for $120 million.
McCann, which specializes in niche thermoplastic compounds for rotational molding and other applications, invested "substantially in capacity and technology" over the last few years to meet the increased demand for its products, a Nov. 2 news release said.
"The acquisition of McCann is fully in line with our growth strategy with acquisitions within polymer compounds and strengthens our market position in the U.S.," Hexpol Group CEO Georg Brunstam said in the release.