PolyOne to Buy Glasforms for $34 million
In an effort to continue its global expansion initiatives, PolyOnetoday 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.
The article PolyOne to Buy Glasforms for $34 million originally appeared on Fool.com.Tim Brugger has no positions in the stocks mentioned above. The Motley Fool has no positions in the stocks mentioned above. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.