EQT: Swedish investor takes over plastics processor Zeus

The Swedish investment company EQT is taking over the US plastics processor Zeus Company.

In a press release at the end of December, EQT announced the signing of a corresponding agreement. Accordingly, the EQT X fund is acquiring the Zeus shares from the Tourville family of entrepreneurs. The transaction is expected to be completed by the end of the first quarter of 2024. The financial volume of the deal was not disclosed in the press release. However, media reports suggest a sum of around USD 3.4 billion.

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Zeus specialises in the extrusion and processing of fluoropolymers such as PTFE, FEP, PFA, ETFE and PVDF as well as other high-performance plastics such as polyether ether ketone (PEEK), polyimides (PI) and liquid crystalline polymers (LCP). The company's product range primarily includes hoses, coatings and fibres for medical technology and industrial applications.

Zeus is headquartered in Orangeburg, South Carolina, USA. In the USA, the company has a total of nine plants in the states of South Carolina, New Jersey, Tennessee, Minnesota and California. There are also additional production facilities in Guangzhou, China, and Letterkenny, Ireland. Zeus employs around 2,400 people in total.

Zeus CEO Steve Peterson said: "We are delighted to become part of the EQT family. Zeus has gained significant momentum in recent years as a result of a strategic global expansion plan. The acquisition accelerates this momentum and growth by supporting further expansion plans, product innovation, process improvements, technology transformation and capacity expansion."

In the current press release, EQT has already announced investments in the expansion of Zeus' production, research and development capacities. One focus will be on materials for minimally invasive procedures in medicine. However, specific figures and projects have not yet been announced.

More information: eqtgroup.com, www.zeusinc.com

EQT, Sweden + USA