HEXPOL has signed an agreement to acquire a 70% stake in almaak, a specialist in advanced regenerative engineered compounds

HEXPOL has signed an agreement to acquire a 70% stake in almaak from owners Olaf Eichstädt and Thomas Schmeinta
.

The acquisition is fully in line with HEXPOL's M&A strategy of delivering expected growth in thermoplastic compounds and specialty engineering polymers with significant recycled content
.
In addition, the acquisition strengthens the company's market position in Europe
.
Mr.
Olaf Eichstädt and Mr.
Thomas Schmeinta will remain with the company to further promote the company's development and technological progress
.

Georg Brunstam, CEO of the HEXPOL Group, said: "The acquisition of almaak is perfectly in line with our growth strategy and we welcome the almaak team to the HEXPOL Group
.
almaak's focus and expertise in high-quality regenerative engineered compounds is also very much in line with our sustainable development
.

Olaf Eichstädt and Thomas Schmeinta, CEOs of Almaak, said: "We see the merger with the HEXPOL Group as the ideal combination to integrate our business into a globally operating, innovative and well-positioned company and to continue our successful business Great opportunity for strategic and sustainable concepts related to engineered compounds
.
We look forward to a very good and successful collaboration and further expansion of commercial opportunities
.
"

Over the past few years, almaak has invested heavily in equipment and technology to ensure the company's continued growth and meet the growing demand for sustainable products
.

Jan Wikström, President of HEXPOL's Thermoplastic Composites business, said: "almaak is very well positioned in a growing market with a high level of expertise
.
Together with HEXPOL's knowledge and resources, we see many opportunities to accelerate growth
.
I Looking forward to working with Olaf and Thomas to make this happen
.
"

With a turnover of 75 million euros in 2021, Almaak is slightly less profitable than the HEXPOL group
.
almaak has two factories in Germany with about 190 employees
.
The main end user is the European automotive industry, which has a high interest in regenerative compounds
.

The purchase price is approximately EUR 70 million on a cash and debt-free basis and is co-financed by cash and existing bank loans
.
According to the agreement, HEXPOL has the option to acquire the remaining shares, while Mr.
Olaf Eichstädt and Mr.
Thomas Schmeinta have the option to sell their remaining shares to HEXPOL
.
The transaction, subject to regulatory approvals, is expected to close in the second quarter of 2022
.