VILLEJUST, France (Sept. 11) — AXA Private Equity has agreed to buy specialty resins and polymers manufacturer Eliokem from investment firm Littlejohn & Co. for about $242 million.
Villejust-based Eliokem produces and markets antioxidants and performance-enhancing polymers for latex used in tire cord, as well as specialty resins for the painting and coating industry.
Littlejohn bought Eliokem from Goodyear Tire & Rubber Co. in 2001. Littlejohn President Michael Klein said Eliokem's revenue and earnings had increased since his company's takeover despite negative raw material costs and currency movements.
"Littlejohn has supported our growth since our beginning as an independent organization and their expertise was particularly valuable as we established a broader presence in Asia and built a new facility in China to serve that region," said Eliokem Chief Executive Jacques Collonge.
Eliokem employs more than 460 worldwide, with production facilities in Akron and Le Havre, France, besides the Chinese factory. Sales rose 7 percent last year to more than $275 million.