The acquisition by Petlon Polymers will see nylon products remain in production at Petlon’s Lydney, England, plant
Petlon has acquired a number of product brands, manufacturing assets and customer lists
Petlon has been manufacturing Teknor Apex materials since a fire destroyed Teknor Apex's plant in Oldbury, England.
Petlon has now acquired a number of product brands, manufacturing assets and customer lists from Teknor Apex.
The acquisition, financial terms of which were not disclosed, would see those products remain in production at Petlon’s plant and under its ownership.
The companies said the deal includes Teknor Apex’s Beetle-brand engineering thermoplastics, which are based on nylon.
Teknor Apex said it will supply European customers with nylon materials made at plants in the United States and Singapore.
William Murray, Teknor Apex president, said: “Long-term, our plan is to manufacture styrenic thermoplastic elastomers and Chemlon-brand nylon in our own facility in Europe.”
Teknor will continue to make thermoplastic vulcanizate (TPV) compounds at a plant in Genk, Belgium, and will distribute TPE compounds from there as well.
Murray said that the assets Teknor is selling “represent a small portion of [Teknor’s] worldwide nylon business.”
Mark Clayton, UK director of Teknor Apex, who will become Petlon’s managing director, said: “The fire at Oldbury was a devastating blow, and the company took the decision not to re-build the plant.
“We’d had talks with Petlon Polymers, which had been making certain products for Teknor Apex since the fire, and the decision was made to do this deal.
“We’re pleased with the way things have turned out and expect to become the largest independent ETP producer in the UK.”
A number of new jobs would also be created following the investment, he said.
Teknor ranks as one of North America’s 30 largest compounders and concentrate makers. It operates 13 plants worldwide and has annual sales of more than $600 million.