HEXPOL Acquires Portage Precision Polymers
HEXPOL has acquired the business of Portage Precision Polymers Inc. from the founder Mr. Doug Hartley and his family. Doug Hartley started Portage Precision Polymers in 2002 and Portage Precision is a rubber compounder in the US market.
Portage Precision Polymers, with two manufacturing facilities in Ohio (Ravenna and Mogadore), US, had a turnover of 29 MUSD in 2013. The Ravenna facility is not included in the transaction and its business will be transferred to other HEXPOL facilities.
The acquired business has an EBITDA margin below the HEXPOL Group and is expected to give a minor positive impact on earnings per share from start.
The acquisition price amounts to approximately 13.2 MUSD on a cash and debt free basis and was funded by a combination of cash and existing bank facilities. The business will be consolidated from December 2014.
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