MOSCOW (MRC) -- A. Schulman, Inc. has completed its acquisition of Network Polymers, Inc., a U.S. niche engineered plastics compounding and distribution business, said Plastemart.
The acquisition agreement was first announced on May 28, 2013, and the purchase price was approximately USD49.5 mln. The addition of Network Polymers expands A. Schulman's product offerings with a broad spectrum of custom resins and alloys to meet customer-specific product design and manufacturing requirements, including the Centrex(R) ASA family of products and the Diamond Polymer brand of ABS, ABS/PC, ASA and ASA/PC thermoplastic products. The acquisition also provides greater penetration in key markets such as building and construction, agricultural products, and lawn and garden, as well as the opportunity to leverage existing A. Schulman products and technology to a wider customer base.
"With this acquisition, we are taking another step to strengthen our U.S. business by expanding our capabilities in niche engineered plastics, " said Joseph M. Gingo, Chairman, President and Chief Executive Officer, A. Schulman. "We will continue to aggressively pursue acquisitions that are aligned with our global growth strategy to focus on niche products. We welcome everyone at Network Polymers to the A. Schulman team and look forward to their contributions."
We remind that, as MRC wrote previously, in mid-2012 A. Schulman Inc. inked a definitive agreement to acquire ECM Plastics, a privately owned plastics compounder located in Worcester, Mass., for USD36.5 million. Besides, Jeddah-based National Petrochemical Industrial Company (Natpet), a subsidiary of Alujain Corporation, entered into a joint venture agreement with A. Schulman to produce polypropylene compounds.
A. Schulman is a global plastics supplier, headquartered in Akron, Ohio, and a leading international supplier of high-performance plastic compounds and resins, which are used as raw materials in a variety of markets. A. Schulman has 33 manufacturing facilities globally. A. Schulman's fiscal third-quarter earnings fell 69% amid continued sluggishness in European markets and higher-than-expected costs in Latin America, where the company has been consolidating its Brazilian operations.
MRC