STOCKHOLM, Sweden—Hexpol A.B. has signed an agreement to acquire Kardoes Rubber Co. from Frank Kardoes, who founded the business in 1988, and his family for $31.8 million on a cash and debt-free basis.
“The Kardoes Rubber acquisition is a very good complement to Hexpol Compounding in the U.S.,” said Don Picard, Hexpol vice president of sales and marketing.
“It broadens and further strengthens our presence with rubber compounding and calendering services into end user markets like industrial materials handling, agricultural equipment and off- the-road tires. Kardoes expands our capabilities and capacities to serve our customers in a more efficient way.”
Hexpol plans to operate Kardoes' Lafayette, Ala.-based campus as Kardoes Rubber, a Hexpol Company, said Mike Cash, general manager of Kardoes. Cash will remain as general manager, and he said he will retain “our core management team and all production associates.
“I look forward to implementing various benefits of being members of "Hexpol nation' in terms of capital expenditures for various plant upgrades.”
A total of 90 associates, including management, work at the Lafayette location.
“Our expectation is that Kardoes, along with the other Hexpol Compounding brands, will continue to grow along with our customers and markets,” Picard said. “The acquisition is a further step in expanding and strengthening the Hexpol Group within our core business.”
Hexpol is a worldwide polymers group that focuses on advanced rubber compounds, gaskets for plate heat exchangers, and plastic and rubber materials for truck and castor wheel applications.
Its customers are primarily original equipment manufacturers of plate heat exchangers and trucks, systems suppliers to the global automotive and engineering industries, the energy sector, and medical equipment manufacturers.