M&As: Hexpol acquires Italian compounder Vipa; BP completes sale of German refinery to Klesch
Polymer firm Hexpol has acquired 100% equity of the Italian company Vipa Group for EUR143.5 million on a cash- and debt-free basis. The deal expands Hexpol’s thermoplastic compounding business area and strengthens its reach in the wire and cable sector. The acquisition is expected to close during the third quarter of 2026.
Vipa is one of Europe's leading developers and manufacturers of high-quality thermoplastic compounds with focus on the fast-growing wire & cable segment.
It is being acquired from the Paolini family, who founded the company in 1969 and has since then developed the business into a true specialty compounder with above market profitability. The Paolini family will support the transition to Hexpol ownership during a period of 18 months.
The operations include two well-invested production sites in Italy, as well as a R&D centre. In 2025 the company had a turnover of EUR76.4, approximately 80 employees and open capacity to grow within the current footprint.
"The acquisition of Vipa Group marks an important step in executing the growth strategy for the new business area Thermoplastic Compounding that was presented at our Capital Markets Day in November 2025. It also demonstrates our ambition to build a leading thermoplastics platform through both organic growth and acquisitions, says Peter Rosén, acting CEO/CFO.
The acquisition includes the entire Vipa Group, consisting of the companies Vi.pa S.r.l. and Vi.pa Polimeri S.r.l.
At Hexpol's Capital Markets Day in November 2025, the company announced an increased focus on thermoplastic as a key growth platform. Its subsidiaries Hexpol Izmir and Hexpol Vilafranca will, as of July 1, be part of the business area Thermoplastic Compounding instead of, as currently, the business area Rubber Compounding.
In other news, British oil firm BP says it has completed the sale of Gelsenkirchen refinery and related businesses to Klesch Group. The transaction supports the firm’s continued focus on disciplined capital allocation and is also expected to lower underlying operating expenditure by around US$1 billion.
Richard Harding, interim executive vice president of Downstream at BP, said: “This deal strengthens our balance sheet and simplifies our portfolio. By concentrating our capital on the assets and markets where bp can be most competitive, we are building a higher-value, more resilient downstream business that continues to supply the fuels and products our customers rely on.”
Based on historical performance, the transaction is free cash flow accretive and transfers the associated assets and liabilities to Klesch Group.
The company stated that Gelsenkirchen plays an important role in supplying western Germany with fuels and petrochemicals. The sale follows BP’s conclusion that a new owner would be better placed to take the refinery forward to support its long-term future. Employees at the refinery and in the associated businesses have transferred to Klesch Group as part of the transaction.
BP retains a refining portfolio of five refineries serving key customers and markets across its downstream business, including Cherry Point and Whiting in the US, and Castellón, Lingen and Rotterdam in Europe.
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