WHITMORE LAKE — RheTech Inc., a producer of resin compounds, color concentrates and additives, says it has agreed to be acquired by the Malmo, Sweden-based rubber and plastics compounder Hexpol AB.
The company said the acquisition is expected to be completed in early 2015, pending regulatory approvals. Company officials said no changes are expected immediately in employment or production at RheTech’s four United States plants.
RheTech’s filled and reinforced polyolefin, nylon and other products are used in the automotive, truck, electronics, construction, and consumer markets. The company’s RheVision is a line of bio-reinforced polyolefins that uses wood, rice hull, flax, agave and coconut shell waste as reinforcement.
“Hexpol is already a leading worldwide compounder and this partnership will serve as a launching pad for plastics compounding for Hexpol here in North America,” said John Levinson, RheTech president and CEO. “RheTech has established a successful track record in North America highlighted by best-in-class operations, a reputation for quality and reliability, and long-standing customer and supplier relationships. For this next chapter in our evolution, we look forward to the opportunity to continue expanding our business and serving our customers. Our plan through this acquisition is to maintain the current management, production lines, facilities and employee structure.”
RheTech has been majority owned by the Orley family since 1968.
The company is headquartered in Whitmore Lake, with a plant there, as well as plants in Fowlerville, Mich., Sandusky, Ohio and Blacksburg, S.C. According to Plastics News RheTech has 212 employees and had 2013 sales of $117 million.