Hexpol Group buys thermoformer and rotomolder McCann Plastics
Canadian PlasticsCanadian Plastics
The deal aims to strengthen Sweden-based Hexpol's market position in the U.S.
Swedish plastics company Hexpol Group has signed an agreement to acquire 100 per cent of the shares in McCann Plastics LLC from the McCann family for US$120 million.
Headquartered in North Canton, Ohio, McCann specializes in niche thermoplastic compounds, with special focus on rotational molding applications.
In a Nov. 2 news release, officials with Hexpol said the acquisition is “fully in line with [our] M&A strategy of acquisitions within polymer compounds. Furthermore, the acquisition complements our current operations in the U.S. and strengthens our market position.”
During the last few years, the release said, McCann has invested substantially in capacity and technology to enable the company’s further growth and to meet the increased demand of its products.
McCann has operations in two locations in Ohio, with some 100 employees in total. The main end customer segments are general industry, agriculture, and the fast growth segment of specialized cooling boxes.
The transaction is expected to close in the fourth quarter of 2022.