Copley-based Preferred Compounding was purchased by Hexpol Group, the world’s largest rubber compounder, in a deal worth $232 million, according to a statement from Hexpol.
Preferred Compounding was the No. 2 compounder in North America, trailing only Hexpol, according to the release. The company has six factories – five in the U.S. and one in Mexico – and has about 540 employees. The deal was completed July 1, according to Hexpol.
At least one of those 540 employees will not be continuing on with Preferred Compounding after the sale: President and CEO Ken Bloom, who will not remain with Hexpol.
“This acquisition will strengthen our global positions in advanced polymer compounds with improved supply chain, cutting-edge expertise in polymer materials and solid knowledge of applications,” said Mikael Fryklund, president and CEO of Hexpol Group, in a statement. “We would like to thank Mr. Ken Bloom, Preferred Compounding CEO for the development of a well-run organization. I wish him all the best as he continues to pursue other professional interests.”