High-performance-plastics maker A. Schulman 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.
The article A. Schulman to Acquire Network Polymers originally appeared on Fool.com.
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