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.