GOTHENBURG, Sweden (Aug. 24) — Hexagon Polymers has agreed to buy rubber compounder Gold Key Processing Ltd. of Middlefield, Ohio, for an undisclosed amount.
The division of Sweden's Hexagon A.B. said it will obtain a custom mixer that has been recording annual sales increases of about 30 percent, employs 160 and has production capacity of 35,000 tons. Gold Key, which will post sales of about $75 million this year, supplies the automotive, industrial, construction, pharmaceutical and aerospace industries.
Gold Key will become part of Hexagon on Sept. 1. Hexagon — which operates two business, polymers and measurement technologies — last July announced plans to spin off Hexagon Polymers as a separately listed company.
Gold Key was founded in 1997 by four members of its management team: Chairman James Schill; President and CEO Robert Toth; Randall Vancura, vice president of operations; and Marian Morrison, vice president of administration and customer service. In the last two years the firm has expanded the size of its plant, added a mixing line, built a larger warehouse and added staff.