MOSCOW (MRC) -- Global plastics supplier A. Schulman (Fairlawn, OH, US) has completed the previously announced acquisition of HGGC Citadel Plastics Holdings (West Chicago, IL, US), a portfolio company of private equity firms HGGC and Charlesbank Capital Partners, for USD800 million, said Compositesworld.
A. Schulman expects the transaction to be accretive in the first 12 months of ownership.
"We are thrilled to add Citadel to our portfolio of highly specialized businesses, and welcome the talented group of associates to the A. Schulman team," said Bernard Rzepka, president and chief executive officer of A. Schulman. "With significant revenue in the United States, Citadel greatly enhances our regional scale and efficiencies, as well as balances our current global geographic footprint. Citadel also provides a strong entry point to our 'Expanded Vision' initiative by adding a second strategic growth platform to our organization with its industry-leading, value-added specialty engineered composites business."
"The Citadel team is very excited to become an important part of A. Schulman," said Mike Huff, chief executive officer of Citadel. "We are confident that our history of growth and innovation will only be enhanced by our new partnership with A. Schulman and we thank HGGC and Charlesbank for their support in helping us reach this new phase of our business."
As MRC informed earlier, A. Schulman Inc. announced the acquisition of Citadel Plastics in the mid March 2015. for USD800 million, a move to expand its product portfolio into specialty plastics and gain access to new industries
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