HEXPOL has signed an agreement to acquire 80 percent of the shares in Piedmont Resin Supply, LLC (Piedmont) from the founder Mr. Matt Griffith and Mr. Paul Daniel. Piedmont was founded in 2013 and has grown to become one of the largest independent nylon compounders in the US. The company is an industry leader in technical nylon compounds on the US market and services a variety of customers within automotive, transportation and the furniture industries. Piedmont operates a well invested manufacturing facility in Cartersville, GA with some 60 employees and further capacity to grow. The company has a turnover of some 60 MUSD and a profitability on a similar level to the HEXPOL Group.
“We see the merger with HEXPOL as the perfect fit between two successful companies with similar cultures and future ambitions. Piedmont brings a portfolio of superior nylon compounds and strong market presence, which together with HEXPOL’s complimentary product portfolio and financial strength will enable further growth prospects.”
Matt Griffith and Paul Daniel
“The acquisition of Piedmont adds new capabilities, application knowhow and a new customer base to HEXPOL Thermoplastic Compounding in the US.”
Jan Wikström, President HEXPOL Thermoplastic Compounding
“Piedmont has a diverse product portfolio and is a leading independent nylon compounder. With this acquisition we broaden the capabilities of the HEXPOL Group on the US market. We look forward to continuing the successful journey of Piedmont together with the founders Matt and Paul.”
Klas Dahlberg, President and CEO, HEXPOL Group
The acquisition price amounts to 86 MUSD on a cash and debt free basis and is funded by a combination of bank facilities and cash. The closing took place on October 31, 2024. Pursuant to the agreement, HEXPOL has an option to acquire the remaining shares, and the founders have an option to sell their remaining shares to HEXPOL.
This information is such that HEXPOL AB (publ) is obliged to publish in accordance with the EU market abuse regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 10:50 p.m. CET on October 31, 2024.
This is a non-official translation of the Swedish original wording. In case of discrepancies between the English translation and the Swedish original, the Swedish text shall prevail.
For further information please contact:
Klas Dahlberg
President and CEO
+46 (0)40 25 46 60
Peter Rosén
Deputy CEO and CFO
+46 (0)40 25 46 60
HEXPOL is a world-leading polymers group with strong global positions in advanced polymer compounds (Compounding), gaskets for plate heat exchangers (Gaskets and Seals), and wheels made of polymer materials for truck and castor wheel applications (Wheels). Customers are primarily system suppliers to the global automotive and engineering industry, building and construction industry and within sectors as transportation, energy, consumer and cable industry and manufacturers of medical equipment, plate heat exchangers and forklifts. The Group is organized in two business areas, HEXPOL Compounding and HEXPOL Engineered Products. The HEXPOL Group’s sales in 2023 amounted to 22,046 MSEK and the Group has approximately 5,000 employees in fourteen countries.
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