Houston-based Westlake Chemical Corporation announced plans for one of its subsidiaries to acquire Dimex LLC from Colorado-based private equity firm Grey Mountain Partners.
Based in Marietta, Ohio, Dimex produces a variety of consumer products made from post-industrial-recycled materials such as polyvinyl chloride, polyethylene and thermoplastic elastomer, Westlake said.
Terms of the deal were not disclosed, but Dimex has annualized sales of approximately $100 million and approximately 300 employees, who will join Westlake. The deal is expected to close before the end of 2021.
“Westlake’s pending acquisition of Dimex underscores the company’s longstanding commitment to stewardship of the environment and recycling, and to taking actions that contribute to a sustainable, circular economy,” said Robert Buesinger, executive vice president of vinyl products for Westlake Chemical Corp. “With over 30 years of experience, Dimex is one of the largest processors of recycled plastic materials in the United States. Dimex also supplies recycled flexible PVC and TPE compounds to other environmentally conscious manufacturers. Because Dimex uses its compounds in its own products, the company is uniquely positioned to understand its customers’ needs and to provide the engineering, manufacturing, and distribution capabilities to meet those needs quickly and effectively. We look forward to welcoming Dimex and its approximately 300 employees to the Westlake family of companies.”
Dimex was founded in 1991 as a regional compounder and extruder and was acquired by Grey Mountain Partners in 2013. Over the years, the company has expanded its product lines, which now include landscape edging; industrial, home and office matting; marine dock edging; and masonry joint controls. Some of its branded products include No-Dig Landscape Edging, MotionTex Fitness Equipment Mats, and GrillTex Under the Grill Protective Deck and Patio Mats. In the past four years alone, Dimex has secured 29 U.S. patents for its products, Westlake said.
