US-based materials supplier PolyOne Corporation announced that it has agreed to acquire Spartech, a plastic products producer, with approximately US$393 million, including the assumption of Spartech’s net debt of US$142 million.
“I am extremely pleased to announce we’ve reached an agreement to acquire Spartech,” said Stephen D Newlin, Chairman, President and CEO, PolyOne Corporation. “Spartech expands PolyOne’s specialty portfolio with adjacent technologies in attractive end markets where we already participate as well as new ones like aerospace and security. By combining Spartech’s leading market positions in sheet, rigid barrier packaging and specialty cast acrylics with PolyOne’s capabilities, we can accelerate growth for both companies.”
“We are excited to be joining forces with PolyOne as we believe this transaction represents the best path forward for our stockholders, customers and valued employees,” said Vicki Holt, President and CEO, Spartech Corporation. “PolyOne and Spartech have complementary growth strategies, and by combining our resources we expect to accelerate our shift to specialty applications with a more competitive cost structure, enhanced customer relationships, improved market access and increasingly innovative technologies. I want to thank our employees for their tireless commitment to our customers, and the execution of our strategies to grow earnings.”
The transaction, which was unanimously approved by the Boards of Directors of both companies, remains subject to approval by Spartech’s shareholders and receipt of required regulatory approvals as well as other customary closing conditions. The transaction is expected to close in the first quarter of 2013.
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