Mexican firm pays $39M for Lancaster County manufacturer
A Mexico-based company has bought Sylvin Technologies Inc., a maker of vinyl and vinyl alloy compounds used in a variety of industries.
The buyer is Mexichem, based in Tlanlnepantla de Baz, Mexico. It originally announced the deal last month.
Mexichem said it is folding Sylvin into its vinyl business group, which is part of its compounds business unit. The unit supplies PVC compounds worldwide and had sales of $2.2 billion for the year ending Sept. 30, according to a press release from Mexichem.
Founded in 1978 and based in East Cocalico Township, Sylvin makes flexible and semi-rigid vinyl and vinyl alloy compounds for automotive, wire and cable, electrical, industrial, medical, and food products. The company is expected to have $29 million in sales in 2017, according to Mexichem.
Mexichem executives said the deal expands the company's product portfolio, allows access to new markets and customers, and offers an opportunity to grow.
"This transaction continues Mexichem’s strategy of completing bolt-on acquisitions that expand its portfolio of specialty products and applications and give access to new end markets and customers, driving future growth," Sameer S. Bharadwaj, president of the the company's compounds business Unit, said in a statement. "These products and applications can be further leveraged globally as we expand in other parts of the world."
A Sylvin representative could not be reached for comment as of presstime.
Mexichem, which trades on the Mexican stock exchange, operates 120 plants in 37 countries and employs roughly 18,000 people. In a press release, it said its annual revenue is $5.4 billion.