HEXPOL acquires Excel Polymers
HEXPOL AB has acquired the global rubber compounding group Excel Polymers for USD 212.5 million on a cash and debt free basis. Excel Polymers is a leading global supplier of elastomeric solutions. The group has approximately 800 employees in the US, Mexico, UK and China, and is expected to report sales of approximately USD 350-360 million in 2010.
HEXPOL is one of the world’s leading polymer groups offering innovative solutions and products based on advanced polymer compounds, gaskets for plate heat exchangers and wheels made of polyurethane, plastic and rubber materials for forklifts and castor wheel applications. The group has approximately 2,000 employees, mainly in Asia, the US and Sweden, and a turnover of approximately SEK 3.4 billion. HEXPOL AB (publ) is a mid-cap listed company on NASDAQ OMX Stockholm.
Commitments have been secured to finance the acquisition of Excel Polymers. Following completion of the acquisition, HEXPOL will pursue a rights issue corresponding to approximately SEK 550 million.
HEXPOL was advised by Mannheimer Swartling in the transaction. Mannheimer Swartling was assisted by local counsel in the transaction.