PolyOne has received approval from Spartech shareholders pertaining to the merger agreement, pursuant to which it will acquire the US-based custom plastic sheet and rollstock and packaging solutions producer for $393m.
PolyOne chairman, president and chief executive officer Stephen Newlin said the acquisition will bolster the company's Specialty Platform by enabling it to better serve customers with adjacent technologies in end markets.
"We are committed to the successful integration of Spartech, and look forward to delivering the projected annual synergies of $65 million by the end of the third year post-acquisition," Newlin said.
With the purchase of Spartech, PolyOne's Specialty Platform will have three reportable segments: Global Color, Additives and Inks, Global Specialty Engineered Materials.
The Specialty Platform will also have a newly formed segment, Designed Structures and Solutions (DSS), which will consist of Spartech's former Custom Sheet and Rollstock and Packaging Technologies businesses.
Spartech's Color & Specialty Compounds business will be integrated into PolyOne's Global Color, Additives & Inks, Global Specialty Engineered Materials, and Performance Products & Solutions segments.
The agreement to acquire Spartech was previously announced by the polymer materials, services and solutions provider PolyOne in October 2012.
