Hexpol AB based in Malmö, Sweden, has signed an agreement to acquire the business of Kardoes Rubber Co. in LaFayette, Alabama, from the founder Mr. Frank Kardoes and his family. The acquisition price amounts to 31.8 million USD on a cash and debt free basis.
Kardoes Rubber, with a manufacturing facility in LaFayette, US, had a turnover of 43 million USD in 2013 and has around 90 employees. 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 is funded by a combination of cash and existing bank facilities. The acquisition price will be paid upon completion of the acquisition which is estimated to take place at the end of July. The business is expected to be consolidated from August 2014.
Frank Kardoes started Kardoes Rubber in 1988 and Kardoes is today a well-known rubber compounder in the US market. Tracy Garrison, President and CEO Hexpol Compounding NAFTA, said: „The acquisition is a very good complement to Hexpol Compounding in the US and broadens and strengthens our presence with rubber compounds into end user markets like industrial materials handling, agriculture equipment and off the road tires. Kardoes Rubber expands our capabilities and capacities to serve our customers in a more efficient way.“
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