Swedish polymer group Hexpol has acquired U.S. retreading industry supplier Robbins. The $89.2 million deal covers the purchase of Robbins Holdings Inc., including Robbins LLC.
Robbins is an established manufacturer of tire retreading products and supplies molded envelopes and curing tubes, particularly for truck, heavy equipment and aircraft tire retreading. The company also specializes in the custom mixing of rubber compounds.“The acquisition is a very good compliment to Hexpol and broadens our presence with rubber compounds into end user markets like agriculture, mining, oil and gas,” stated Hexpol Group CEO Georg Brunstam. “It also brings a global leadership in molded envelopes and curing tubes to the tire industry.”Robbins has an estimated annual turnover of approximately $100 million and employs around 240 employees at its three U.S. production facilities; Muscle Shoals, Ala., Findlay, Ohio, and Tallapoosa, Ga.
The $89.2 million acquisition is on a debt-free basis and funded by a combination of cash and existing bank loans. Robbins will be consolidated from December 2012. (Tyres & Accessories)
