HEXPOL AB (Sweden)

HEXPOL is one of the world’s leading polymer groups with strong global market positions that enable it to offer innovative solutions and products based on advanced polymer compounds (Compounding), gaskets for plate heat exchangers (PHE Gaskets) and wheels made of polyurethane, plastic and rubber materials for forklifts and castor wheel applications (Wheels).

The Group is organized in two business areas: HEXPOL Compounding and HEXPOL Engineered Products, and has production units in nine countries. The business areas operate in separate market segments. Despite this, HEXPOL utilizes distinct synergies in the areas of technology, purchasing and production. Customers outside Sweden account for about 90 percent of invoiced sales, and seven of the Group’s 16 production units are situated in expansive regions of Asia, Mexico and Eastern Europe.

The total number of employees is approximately 2,200, mainly employed in Asia, the US and Sweden. Most of the production units are relatively new and all plants are well-invested. The technology level is high and far-reaching production and technological coordination generates cost effectiveness, high and consistent quality and opportunities to smoothly relocate production between the various units.

2009 sales
HEXPOL Compounding 77%
HEXPOL Engineered Products 23%

HEXPOL Compounding is one of the world's leading companies in the development and production of advanced, high-quality rubber compounds and one of only a few truly global companies in the industry.
● HEXPOL Compounding Belgium,　　16千トン
● HEXPOL Compounding Sweden,　　16千トン
● HEXPOL Compounding Germany,　35千トン
● HEXPOL Compounding China, 　Qingdao, China　12千トン
● HEXPOL Compounding Czech Republic,　32千トン
● HEXPOL Compounding Mexico,　18千トン
● HEXPOL Compounding North Carolina,　16千トン
● GoldKey Processing, (2007 買収）　　40千トン
● HEXPOL Compounding Canada,(closed in summer 2009)　　−　合計　185千トン

HEXPOL Engineered Products is one of the world’s leading suppliers of advanced products such as gaskets for plate heat exchangers and wheels for the forklift truck industry. Moreover, the business area is a major player in rubber profiles in the Scandinavian market.
　　HEXPOL GASKETS
　　　　　　　Gislaved Gummi Gaskets　　 Gislaved, Sweden
　　　　　　　Elastomeric Gaskets 　　　　　Bokundara, Sri Lanka
　　　　　　　Gislaved Gummi China 　　　　Qingdao, China
　　HEXPOL WHEELS
　　　　　　　Stellana Sweden　　　　　　　 Laxa, Sweden
　　　　　　　Stellana US 　　　　　　　　　　Lake Geneva
　　　　　　　Elastomeric Wheels 　　　　　Horana, Sri Lanka
　　　　　　　Stellana China　　　　　　　　 Qingdao, China
　　HEXPOL PROFILES
　　　　　　　Gislaved Gummi Profiles 　　Gislaved, Sweden

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2010-10-18

HEXPOL acquires global rubber compounding group Excel Polymers

HEXPOL has entered into an agreement to acquire global rubber compounding group Excel Polymers LLC.

Description of Excel Polymers
Excel Polymers is a leading global supplier of performance elastomer solutions, offering a comprehensive portfolio of compounded polymer materials, performance additives and value added services to rubber parts manufacturers.

Excel Polymers has an extensive breadth of compounding capabilities and the global production footprint consists of eight manufacturing facilities strategically located in the US, China, Mexico and United Kingdom.

The company offers formulations and products to a diversified group of end markets including general industrial, contruction, automotive, printing, heavy machinery, oil&gas and consumer.

Excel Polymers is expected to report sales of approximately 350-360 MUSD and EBITDA of approximately 34-35 MUSD in 2010.

Excel Polymers is headquartered in Solon, Ohio, USA and employs approximately 800 people in the US, Mexico, UK and China. In 2009, sales amounted to 284 MUSD and EBITDA to 21 MUSD.

Background and reasons for the transaction
With the transaction HEXPOL will be the leading global rubber compounding group with expertise and manufacturing presence in 9 countries with 24 manufacturing entities.

"With the acquisition of Excel Polymers we are improving our capabilities and manufacturing footprint in order to service our customers on global reach. Our customers will experience the combination of global reach and local personalized service as we reinforce our theme "think globally, act locally”. We are excited about the enhanced technology resources, capabilities and competences." says HEXPOL CEO Georg Brunstam.

The transaction in brief
Completion of the transaction is subject to regulatory approvals and other customary conditions. Under the terms of the agreement, HEXPOL will pay a cash purchase price of 212,5 MUSD for Excel Polymers on a cash and debt free basis.

The transaction is expected to be earnings accretive from closing and is expected to generate significant synergies, mainly on the cost side. Synergies, on a pre-tax basis, are expected to amount to approximately 5 MUSD in 2011 and 7 MUSD in 2012.

Integration, transaction and refinancing costs will be charged in the same quarter as closing. Purchase Price Allocations will be communicated as soon as the opening balance sheet is established.

Transaction financing
Commitments have been secured to finance the acquisition of Excel Polymers. As soon as practically possible following completion of the acquisition of Excel Polymers, HEXPOL will pursue a rights issue corresponding to approximately 550 MSEK.

Melker Schorling AB, HEXPOL's largest shareholder, representing 48,0 per cent of the votes and 27,2 per cent of the capital in HEXPOL, has undertaken to vote in favour of the rights issue at an extraordinary shareholders meeting and subscribe for its pro rata share of the offering.

Melker Schorling AB has also undertaken to subscribe for approximately an additional 22,9 per cent in excess of its pro rata share of the offering. Consequently, subscription commitments for more than 50 per cent of the intended rights issue have been received.

2010-12-01

HEXPOL's acquisition of the global rubber compounding group Excel Polymers completed

All regulatory approvals and contractual conditions for the transaction have been met and the acquisition has been completed as of November 30, 2010.

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Excel Polymers

Lion Chemical Capital はACI Capital とともに、2004年にPolyOneから北米のゴムコンパウンド事業を買収した。
PolyOneは2000年に塩ビ樹脂及び塩ビコンパウンドメーカーのGeon （1993年にGoodrichからスピンオフ）とコンパウンドメーカーのM.A. Hanna が合併して出来た会社。

同社は2003年10月に、将来のコア事業はグローバルな樹脂コンパウンドとマスターバッチ事業であるとし、これに入らないゴムコンパウンド等の事業を売却する方針を出した。
Lion Chemical Capital とACI Capital はPolyOneからゴムコンパウンド事業を買収し、これをExcel Polymersとした。

2006/11/14　合成ゴム会社 Lion Copolymer, LLC

Excel Polymers は12月5日、中国に三井物産とのゴムコンパウンド製造のJVを設立すると発表した。

社名は EXLP Global (Foshan) Co., Ltd. で、Excel が 61%、三井物産が 39% 出資する。広東省の順徳科学技術産業団地に年産 23千トンの天然ゴム、合成ゴムのコンパウンド工場を建設する。

2006/12/9 ニュースのその後

September 13, 2007
EXCEL POLYMERS purchese specialized rubber processing business of Chase Elastomer UK, Ltd.

EXLP Global UK, Ltd., a unit of Excel Polymers LLC, announces the purchase of the specialized rubber processing business of Chase Elastomer UK, Ltd. in Duckinfield, Cheshire.  The new organization will be called Excel Polymers-UK, although the Chase Elastomer trade name will still be used.

July 23, 2007
Excel Polymers LLC Purchases British Vita’s Calender Business

Excel Polymers LLC announces the purchase of Vita-Calender(R), the specialized rubber processing unit of British Vita, based in Salford, UK.
The acquisition, completed on July 16, will merge Vita-Calender with EXLP Global (UK) Ltd, the Rolls Business unit of Excel Polymers LLC, located in Mossley, UK. Both
cities are suburbs of Manchester, UK.