Hexpol has acquired the business of Kardoes Rubber Co. from the founder Frank Kardoes and his family. Kardoes is today a well-known Rubber Compounder in the US market.
Kardoes Rubber has a manufacturing facility in LaFayette, Alabama with around 90 employees, and had a turnover of US$43 mn in 2013.
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 amounted to US$31.8 mn on a cash and debt free basis and has been funded by a combination of cash and existing bank facilities. The business will be consolidated from August 2014.