Aug 4 2014
HEXPOL has acquired the business of Kardoes Rubber Co. from the founder Mr. Frank Kardoes and his family. Frank Kardoes started Kardoes Rubber in 1988 and Kardoes is today a well-known Rubber Compounder in the US market.
"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." Tracy Garrison, President and CEO HEXPOL Compounding NAFTA
Kardoes Rubber, with a manufacturing facility in LaFayette, Alabama, US, had a turnover of 43 MUSD 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.
"This is a further step in expanding and strengthening the HEXPOL Group with a further acquisition within our core business. Kardoes Rubber, with its competence and capabilities, will fit nicely into the HEXPOL Group." Georg Brunstam, CEO HEXPOL Group