PolyOne is all set to acquire Spartech, a custom plastic sheet, rollstock and packaging solutions producer, for $393m, following the receipt of approval from Spartech shareholders of a merger agreement.
The agreement to acquire Spartech was originally announced by PolyOne on 24 October 2012.
PolyOne chairman, president and chief executive officer Stephen Newlin said the company looks forward to delivering the projected annual synergies of $65m by the end of the third year, after acquisition.
"This acquisition further strengthens our Specialty Platform by enabling us to better serve customers with adjacent technologies in attractive end markets," Newlin said.
Post acquisition, PolyOne will amend its segment structure by bringing the three reportable segments Global Color, Additives and Inks; Global Specialty Engineered Materials; and the newly-formed Designed Structures and Solutions (DSS) under the specialty platform.
According to PolyOne, DSS will consist of Spartech's former Custom Sheet and Rollstock and Packaging Technologies businesses.
The Color & Specialty Compounds business of Spartech will be integrated into PolyOne's Global Color, Additives & Inks, Global Specialty Engineered Materials, and Performance Products & Solutions segments.
The boards of both companies approved the purchase in October 2012, which had been pending agreement from Spartech shareholders and regulators.
US-based PolyOne, which provides polymer materials, services and solutions, reported revenues of $3bn in 2012.
Image: PolyOne will acquire plastic sheet and packaging solutions producer Spartech for $393m; Photo: Courtesy of PolyOne Corporation.