PolyOne to Buy Glasforms for $34 million

In an effort to continue its global expansion initiatives, PolyOne (NYSE: POL  ) today announced the purchase of Glasforms, of Birmingham, Alabama, for $34 million. PolyOne management expects the acquisition will have an accretive impact on its 2013 earnings.

Glasforms has seen compounded annual revenue growth of 36% since 2010, achieving fiscal 2012 sales of approximately $50 million. According to the press release, PolyOne intends to retain the Glasforms senior management team, and leverage its existing infrastructure for cross-selling opportunities.

PolyOne chairman, CEO, and president, Stephen Newlin, said:

Our acquisition of Glasforms marks yet another important milestone in PolyOne's transformation, as we further broaden our specialty solutions portfolio to include these new and adjacent technologies and applications.


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4/17/2014 4:02 PM
POL $38.59 Up +0.19 +0.00%
PolyOne Corp CAPS Rating: *****

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