KREFELD, Germany—Hexpol A.B. has taken over the full ownership of German recycled polymer compounder Almaak International GmbH for a value of about $41.6 million (€36.7 million).
The Swedish group had previously acquired a 70-percent share in Almaak in 2022, at a value of about $76.6 million, and has now exercised its option to purchase the remaining 30 percent, Hexpol said April 9.
The transaction, it added, will have minimal effect on the profit and loss and balance sheet of the group.
Based in Krefeld, Almaak was previously owned by Olaf Eichstaedt and Thomas Schmeinta, who will continue to serve as Almaak's CEOs.
Hexpol has previously stated that the purchase is in line with its M&A strategy, which seeks to grow in thermoplastic compounding and high recycled-content specialty engineered polymers.
Almaak employs 190 people across two production facilities in Germany and reported sales of $82 million in 2021.
Described as a "specialist in high quality recycled engineered polymer compounds," Almaak mainly supplies to the European automotive industry.
According to its website, Almaak produces 60,000 metric tons per year of technical thermoplastics, including polyamides, polycarbonate and polypropylene at manufacturing plants in Krefeld and Doberlug-Kirchhain.
