M&As: Hexpol acquires Turkish TPE compounder for EUR54 mn; LG Chem offloads BPA biz to Kukdo Chemical for US$59 mn

TPE manufacturer Hexpol says it has acquired 80% equity of Symplast, headquartered in Izmir, Turkey, for EUR54 million on a cash- and debt-free basis and is funded by a combination of bank facilities and cash. Hexpol also says has an option to acquire the remaining shares, and the founders have an option to sell their remaining shares to Hexpol.

The acquisition is subject to customary closing conditions, including competition authority approval, and is expected to close no later than during the first quarter of 2027.

The company is a Turkish developer and manufacturer of specialised thermoplastic elastomer (TPE) compounds, with a strong position in custom-made and value-added solutions for the automotive, construction, consumer and electronics industries.

The acquisition is said to significantly strengthen Hexpol’s thermoplastic compounding platform and and stretches further the position in the growing Turkish market.

Symplast, founded in 2013, is being acquired from its four founding shareholders, Selahattin Dülger, Ali Rıza Kır, Yaşar Kurtuluş and Fahri Tolga Sarıkahya.

Fahri Tolga Sarıkahya and Ali Rıza Kır will continue to run the company as a subsidiary within the Hexpol Thermoplastic Compounding business area. Symplast’s manufacturing facility, headquarters and R&D centre are located in İzmir, Turkey. The company also operates a facility for semi-finished materials in Poti, Georgia, and has a sales office in Germany. The Izmir operation has substantial available capacity and room for further expansion within the existing footprint.

Symplast has sales of approximately EUR34 and 135 employees. The company has a broad portfolio of engineered thermoplastic elastomers used in applications including automotive weather seals and components, window and door systems, construction membranes, consumer products, cable sheathing and connectors. Symplast has strong in-house R&D and laboratory capabilities, enabling the company to develop tailor-made formulations for specific customer requirements.

At Hexpol’s Capital Markets Day in November 2025, the company announced an increased focus on Thermoplastic Compounding as a key growth platform. The acquisition of Symplast further strengthens this platform and adds a strategically important presence in Turkey, with access to domestic customers as well as export markets in Europe and surrounding regions.

In other news, Kukdo Chemical's subsidiary Kukdo International has decided to acquire LG Chem's bisphenol-A (BPA) production and sales business at Daesan, South Korea, for approximately US$59 million, according to a disclosure filed by Kukdo Chemical with the Korea Exchange.

The deal covers the entire BPA production and sales business that LG Chem operates through its Daesan plant, together with the assets needed to run it. Kukdo International's board approved the acquisition in October.

Kukdo said the purpose is to secure a stable BPA supply and strengthen its ability to respond to market volatility, in order to improve the cost and margin stability of its epoxy business.

The transfer date has not been fixed. Kukdo expects completion in the first half of 2027, subject to permits, approvals and consultations with relevant authorities, and said it will file a correction once the schedule is confirmed. The acquisition price may also be revised.

The filing states that the Daesan BPA business's annual sales exceed KRW69.8 billion, the threshold of 5% of Kukdo Chemical's consolidated sales that triggered the disclosure.

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