PolyOne Corp. acquires Spartech Corp. for US$246 mln

In a US$246 bln deal, polymer compounder and distributor PolyOne Corp. has acquire Spartech Corp. Spartech has a presence in aerospace and security markets, ones in which PolyOne wants to expand. Spartech’s aerospace and security markets are wedded to its cast acrylic and PVC multilayer sheet operations for applications such as aircraft windows and canopies, bullet-resistant armor for banks, and aircraft interior components, as per PlasticsNews. These operations, however, are small compared with Spartech’s predominant commodity sheet business of filled polypropylene. Along with its aerospace and security products, Spartech makes consumer and medical packaging products. It makes plastic sheet, specialty film laminates, specialty plastic alloys, color concentrates and blended resin compounds and has annual revenues of about US$1.2 bln. PolyOne is intent in turning more Spartech businesses into higher value added operations. PolyOne itself has made the transformation into a specialties-intensive business and it wants to turn Spartech into such a business. The transaction is valued at about US$393 mln including assumption of Spartech’s net debt of US$142 mln.
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