12 March 2013 21:19 [Source: ICIS news]
HOUSTON (ICIS)--Shareholders of US-based plastic sheet, compounds and packaging solutions producer Spartech have approved its acquisition by PolyOne, the US formulator announced on Tuesday.
“This acquisition further strengthens our specialty platform by enabling us to better serve customers with adjacent technologies in attractive end markets,” said Stephen Newlin, PolyOne’s CEO.
“This business looks very much like PolyOne did in the early years of our transformation. We have the playbook and in-house expertise to accelerate Spartech’s transformation from a volume-oriented company to one that focuses on specialty solutions and true value creation for customers," he said.
The Spartech name will no longer be used.
Spartech’s colour and specialty compounds business will be integrated with PolyOne’s global colour, additives and inks segment and its global specialty-engineered materials and performance products and solutions segment.
Spartech’s custom sheet and rollstock and packing technologies businesses will make up PolyOne’s newly created designed structures and solutions segment. Julie McAlindon has been appointed as senior vice president of the new segment.
“We are committed to the successful integration of Spartech and look forward to delivering the projected annual synergies of $65 million by the end of the third year post-acquisition,” Newlin said.
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