High-performance-plastics maker A. Schulman (SHLM +0.00%) announced today that it is buying privately held thermoplastic resins and alloys specialist Network Polymers for $50 million.
Network Polymers offers a broad spectrum of custom resins and alloys manufactured in a a 72,000-square-foot facility in Akron, Ohio, and it employs approximately 70 people. It had revenue of $65.3 million in fiscal 2012.
Noting that the combination will expand its distribution business in the U.S., A. Schulman President and CEO Joseph M. Gingo said: "Network Polymers will provide greater penetration in key markets such as building and construction, agricultural products, and lawn and garden. It also brings strong technical expertise and a seasoned sales force that will help to leverage existing A. Schulman products and expertise to a wider customer base."
A. Schulman reported net sales of $2.1 billion for the fiscal year ended Aug. 31, 2012. It expects the acquisition to close in the next few months, subject to completion of its due diligence.
