Teknor Apex buys Singapore Polymer

SINGAPORE (Oct. 10)—Polymer compounder Teknor Apex Co. has acquired Singapore Polymer Corp. Ltd., a diverse compounding operation with 155 million pounds of annual capacity for polyolefin, styrenic, thermoplastic elastomer and flexible and rigid polyvinyl chloride compounds. The 31-year-old firm employs 175 and sells to markets including bottle, medical, wire and cable, footwear and automotive. The company is building a larger headquarters and manufacturing complex that will be completed in late 2003. Pawtucket, R.I.-based Teknor bought Singapore Polymer from the Development Bank of Singapore and Norsk Hydro ASA of Oslo, Norway. Teknor did not disclose the purchase price, but according to several published reports the firm paid about $9 million for DBS Group Holdings Ltd.'s 38.7-percent stake in Singapore Polymer. In a statement, Singapore-based DBS said it was divesting the business to focus on banking and financial services.