_By Editorial Staff, Resource Recycling_
PolyOne Corporation, a recycling, engineered resins and thermoplastic manufacturing firm will acquire Spartech Corporation, a maker of plastic sheet, compounds and packaging.
PolyOne made the decision to acquire the Clayton, Missouri-based Spartech, based on what it said was an opportunity to optimize the strengths of both companies. Specifically, PolyOne expects the acquisition to expand its presence in end markets, such as sheet, rigid barrier packaging and specialty cast acrylic technologies, as well as in focused areas of growth including aerospace, security, packaging and healthcare.
"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," said Stephen D. Newlin -- chairman, president and CEO of PolyOne – in a prepared statement. Describing the move as a "bolt-on acquisition," PolyOne will acquire all assets and debts currently held by Spartech.
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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