This page is temporarily not available. Please check later as it should be available shortly. If you have any questions, please email customer support at email@example.com or call 800-767-3771 ext. 9339.
PolyOne Corporation (
- Snapshot Report
recently said that it is buying advanced composite products maker Glasforms, Inc. for roughly $34 million. The acquisition will offer the specialty polymer materials maker access to advanced composite technology.
Privately-held Glasforms makes advanced composite products for applications across a host of industries including electrical and telecom, energy, transportation and healthcare. The entity, which logged revenues of more than $50 million in fiscal 2012, has grown it sales at a compound annual growth rate of 36% since 2010.
The acquisition will help PolyOne to boost its specialty solutions portfolio through the addition of new and adjacent technologies and applications. The company expects the acquisition to be accretive to its earnings this year. It also noted that Glasforms will continue to operate from its Birmingham, Alabama campus. Following the takeover, the entity will be integrated into PolyOne's Specialty platform.
Cleveland, Ohio-based PolyOne is a leading provider of specialized polymer materials, services and solutions. The company, which has annual sales of $2.9 billion, has operations across the globe.
PolyOne, in December 2011, acquired ColorMatrix, a highly specialized company with a leading market position in liquid colorants. The acquisition allowed the company to harness its potential in the specialty business and expand globally.
Moreover, PolyOne cut a deal in October 2012 to buy plastic products maker Spartech Corp for $393 million (including the assumption of Spartech’s debt). The deal, which expected to close in the first quarter of 2013, is expected to be accretive to the company’s adjusted earnings in the first full year. The acquisition will enable PolyOne to enter into new markets including aerospace and security.
Despite a weak European economy, PolyOne expects to deliver double-digit growth in adjusted earnings per share in fourth-quarter 2012 on the back of its strong execution.
PolyOne currently retains a Zacks #4 Rank, which translates into a short-term Sell rating. A. Schulman, Inc. ( SHLM - Snapshot Report ) , which also belongs to the specialty chemicals industry, carries a Zacks #2 Rank (Buy).
Please login to Zacks.com or register to post a comment.