Solegear closes acquisition of Ex-Tech Plastics’ bioplastics division
Solegear Bioplastic Technologies Inc., the Vancouver, Canada-based manufacturer of plant-based plastics, has now formally closed the previously announced strategic acquisition of the bioplastics division of Ex-Tech Plastics, Inc., for $1.33 million in stock. Ex-Tech, based in Richmond, Illinois, area has been a leading manufacturer of extruded plastic sheets for over thirty years.
In addition, the companies have agreed that Solegear will be Ex-Tech’s exclusive supplier of bio-based materials and additives, while Ex-Tech will be Solegear’s exclusive plastics extrusion service provider in North America. Also, Ex-Tech has agreed to provide certain management support services to Solegear.