NEWS


Ownership of HBPO


consolidated French automotive parts manufacturer Plastic Omnium has signed an agreement to purchase Hella’s remaining 33.33% stake in the HBPO joint venture for €290m. The transaction is subject to regulatory approval, which is expected in Q4 2022. After completion, Plastic Omnium will own 100% of HBPO which produces complex automotive front-end modules. It says it will be well positioned to develop new modules and systems taking advantage of new lighting capabilities in line with the transforma- tion of the market. Plastic Omnium said, the acquisition of the remaining shares in HBPO, which was founded in 2004, supports its strategy to increase value-added content per vehicle, while leveraging growing demand for electric vehicles and reinforcing the company’s relationship with premium OEMs. � www.plasticomnium.com


Avient agrees to sell distribution business


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US compounds producer Avient has announced it has entered into a definitive agreement to sell its distribution business to an affiliate of HIG Capital for $950m, subject to regulatory approval. The company said in


April that it was exploring the sale in connection with announcing an agreement to acquire the protective materials business of DSM. That process was recently completed, which has led to this latest announcement. Robert Patterson, Avient


Corp Chairman, President and CEO, said: “As expect- ed, there were multiple buyers interested in acquir- ing the distribution business, and it was a competitive


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the Distribution business and acquisition of DSM Protective Materials repre- sent the next steps in our specialty transformation that began over a decade ago. We are excited about our future as a pure play specialty formulator of sustainable solutions.” Avient noted that after-tax


Above: Avient distributes materials for many suppliers, such as Invista’s Medselect PP


process. Ultimately, we selected HIG Capital based on the strength of their proposal, which values the business at approximately 10x LTM EBITDA and includes no financing contingencies. The sale of


proceeds of approximately $750m from the sale will be used to pay down near-term maturing debt. Pro forma for the sale of the distribution business and the forthcom- ing acquisition of DSM’s Protective Materials busi- ness, net debt to adjusted EBITDA leverage, will be approximately 2.8x at the end of the year. �www.avient.com


Thunderbird’s new acquisition


Investment group Thunder- bird has announced the acquisition of Bright Plastics, located in Greensboro, NC, US. The acquisition includes a Class 7 ISO-compliant


clean room. Bright Plastics also is home to a 20,400 m² corporate manufacturing centre and a 31,400 m² manufacturing and logistics hub.


The deal expands


Thunderbird’s injection moulding support for a range of industries. �www.thunderbirdllc.com �www.brightplastics.com


M Holland appoints sales head in Europe


M Holland Company, the US materials distributor, has appointed Ton Koenders (left) as Director of Sales for Europe to support interna- tional growth and address customer needs in the region. He was previously in senior sales positions at SABIC. Koenders will work closely with global OEMs and clients


8 INJECTION WORLD | September 2022


throughout the European market with a concentration on strategic verticals such as automotive, wire and cable, and healthcare. Koenders will drive M


Holland’s growth strategy throughout Europe and advise customers on improving the recyclability of applications and using


more sustainable materials. Based in the Netherlands, he will also work with the company’s international customers by serving as the local point of contact, helping strengthen M Holland’s position within the market as a full-service provider. �www.mholland.com


www.injectionworld.com


IMAGE: M HOLLAND


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