KUALA LUMPUR, Malaysia—Hextar Global Berhad, a Malaysian agrochemical group, is acquiring a local rubber chemicals company in a bid to further expand its footprint in the specialty chemicals sector.
In a Sept. 23 filing with the Kuala Lumpur Stock Exchange, the group said it had obtained its shareholders' approval for the $25 million acquisition of the Nobel Group, which manufactures and supplies chemical derivatives, coating and related products mainly for the rubber industry.
With two operations in Selangor, Malaysia, the Nobel Group includes Nobel Synthetic Polymer Sdn Bhd. and Nobel Scientific Sdn Bhd.
The company has in-house research and development capabilities and experience in R&D initiatives in practical applications of polymers in the rubber industry.
It manufactures "proprietary formulations" with a focus on rubber and/or rubber related products such as high performance custom-made anti-tack rubber lubricant and coatings.
Nobel's customers include some of the world's largest rubber glove manufacturers. Hextar said the group was pursuing "breakthrough technologies for gloves and its manufacturing processes."
Hextar has a rubber gloves division, Rubberex, which manufactures natural rubber, synthetic rubber and nitrile disposable gloves for household, industrial, professional and food handling applications.
The group's gloves operations are housed at its single location plant in Ipoh, Perak.