A passenger conveyor (20) includes a handrail assembly (30) comprising a handrail (32) having a plurality of co-extruded polymer materials (34, 36). In one example, an outermost portion (34) establishes a passenger gripping surface (38). One example includes an extruded soft, low cost polymer in the middle of the handrail cross section to reduce cost and weight. A disclosed example includes a toothed driving surface (40) on an inner side made of a selected one of the polymer materials (34, 36). In one example, the driving surface (40) and the gripping surface (38) comprise the same polymer material.