20 December 2012 12:45 [Source: ICIS news]
LONDON (ICIS)--US-based compounder PolyOne announced on Thursday it will acquire advanced composite materials producer Glasforms for $34m (€26m).
PolyOne said the deal marks its entry into advanced composite technology. The company expects the acquisition to be accretive to earnings in 2013.
The company added the transaction offers attractive and high-growth end-markets, with a diverse customer base and significant opportunity for global expansion and cross-selling by leveraging PolyOne's infrastructure.
Glasforms, which manufactures advanced composite products for use in applications across the electrical and telecom, energy and security and defence markets, has seen its sales increase at a 36% compound annual growth rate since 2010, and in fiscal year 2012 achieved revenues in excess of $50m, PolyOne said.
"Our acquisition of Glasforms marks yet another important milestone in PolyOne's transformation, as we further broaden our specialty solutions portfolio to include these new and adjacent technologies and applications," said Stephen Newlin, PolyOne’s chairman, president and CEO.
Glasforms – to be integrated as part of PolyOne's Specialty platform – will continue to operate from its Birmingham, Alabama campus in the US. Its founder and president, Peter Pfaff, will continue in his leadership role, PolyOne said.
($1 = €0.75)
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