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October 18, 2010 02:00 AM

Hexpol to buy Excel Polymers for $212.5 million

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    MALMO, Sweden (Oct. 18, 2010)—Hexpol A.B. is set to buy global rubber compounding group Excel Polymers L.L.C. for $212.5 million to strengthen its position as a leading polymer materials compounding group.

    Hexpol said that Solon, Ohio-based Excel “has an extensive breadth of rubber compounding capabilities and the global production footprint consists of eight manufacturing facilities strategically located in the U.S., China, Mexico and United Kingdom.”

    Excel posted 2009 sales of $284 million and is expected to have revenue of about $350 million to $360 million this year, according to Hexpol. Its earnings before interest, taxes, depreciation and amortization were $21 million last year and are forecast to be $34 million to $35 million for 2010.

    The company offers formulations and products to a diversified group of end markets, including general industrial, construction, automotive, printing, heavy machinery, oil and gas, and consumer.

    With the transaction Hexpol claims it will be the leading global rubber compounding group with expertise and manufacturing presence in nine countries with 24 manufacturing sites.

    “With the acquisition of Excel Polymers we are improving our capabilities and manufacturing footprint in order to service our customers on global reach,” said Hexpol CEO Georg Brunstam. “Our customers will experience the combination of global reach and local personalized service as we reinforce our theme 'think globally, act locally.' We are excited about the enhanced technology resources, capabilities and competencies.”

    Completion of the transaction is subject to regulatory approvals and other customary conditions. Under the terms of the agreement, Hexpol will pay a cash purchase price of $212.5 million for Excel Polymers on a cash and debt free basis. The Swedish firm said the transaction should be immediately accretive to earnings and expects pre-tax synergies of about $5 million in 2011 and $7 million in 2012.

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