Hexpol names Moore new president, CEO of North America compounding business

MALMO, Sweden—Hexpol A.B. has named a new president and CEO for its Hexpol Compounding North America business unit, the Swedish firm's chief executive said Oct. 21 during its quarterly earnings report.

Gary Moore, a 15-year veteran of the Hexpol Group, is replacing Ken Bloom, who is retiring. During his tenure with Hexpol, Moore has held various global management positions within supply chain and sales.

"Gary has been with the Hexpol Group since 2007 and recently held the position of chief commercial officer within Hexpol Compounding NA," George Brunstrum, Hexpol A.B., president and CEO, said in making the announcement. "I am very excited Gary has accepted this challenge."

Bloom will remain as a senior adviser within Hexpol until the end of the first quarter of 2023, the company said.

He had been head of Hexpol Compounding NA since the start of 2020. He was CEO of Preferred Compounding, a business Hexpol purchased in July 2019, leaving him without a job. But when Tracy Garrison left shortly thereafter as head of the Hexpol North American operation, Bloom was brought back to lead the business for the Swedish parent.

"It is an honor to accept this role, and I would like to thank Ken for all of his guidance over the last three years, and I look forward to expanding on Ken's achievements moving forward," said Moore, who took the CCO title in May 2021.

Hexpol A.B. includes both compounding and engineered products businesses, but the compounding unit accounted for 94 percent of the Swedish firm's sales in the first nine months of 2022, according to the financial results it released Oct. 21.

Compounding sales for the first three quarters of the year amounted to about $1.42 billion. That included 21-percent organic growth and 7 percent from acquisitions compared to 2022 totals, Hexpol's financial report said. Compounding sales in the Americas accounted for 57 percent of the total.

Overall group sales rose 44 percent in the third quarter to about $540 million, while adjusted EBIT grew 24 percent to $76 million, according to Hexpol.

Sales were strong in "all markets and all product areas," with the Americas showing "continued strong development," according to the third quarter statement. Global sales to automotive-related customers remained varied, but Hexpol noted "a certain improvement" at the end of the quarter, mainly in the Americas.

However, the Swedish compounder noted "great uncertainty" in its European markets toward the end of the quarter, particularly within the building and construction industry.

European Rubber Journal contributed to this report