PAWTUCKET, R.I.—Teknor Apex Co. has added a second European location by acquiring compounder Plastic Technologie Service Marketing und Vertriebs GmbH of Steinsfeld, Germany.
No purchase price was disclosed in an April 1 news release announcing the deal, which closed March 31. PTS has licensed materials from Pawtucket-based Teknor for 15 years and last year began making Teknor materials on a tolling basis.
PTS products include compounds based on thermoplastic elastomers and engineering resins, such as nylon, polybutylene terephthalate and polycarbonate. Major end markets include automotive, electrical and consumer products.
In an April 1 phone interview, Teknor Apex President William Murray said PTS was one of the first companies that offered to assist Teknor after its plant in Oldbury, England, was struck by a devastating fire in April 2015. No one was injured in the blaze, but Teknor decided not to rebuild there and in August sold the plant's assets to Petlon Polymers Ltd.
Murray added that PTS “made a nice cultural fit” with Teknor, since both firms were family owned.
PTS employs more than 100 at a 60,000 sq.-ft. plant in Steinsfeld. The plant operates several twin-screw extrusion lines and has an annual production capacity of almost 45 million pounds. PTS also operates a marketing office in nearby Tauberzell.
Uwe Stenglin founded PTS in 1986. He will continue with Teknor in his role as managing director. Murray said all other PTS management will remain in place as well.
The PTS deal is Teknor's first acquisition since early 2014 when it bought PVC compounder Viking Polymers LLC. Murray said the firm “will continue to look for companies that complement Teknor, and that can bring us into new products and new geographies.”
Teknor also operates a European site in Genk, Belgium.
“The acquisition of PTS is a natural fit in the strategic vision of Teknor Apex to support the market with a global footprint and local presence,” Chairman and CEO Jonathan Fain said in the release.
Teknor operates 13 plants worldwide and has annual sales of more than $600 million. The firm ranks as one of North America's 30 largest compounders and concentrate makers.