December 20, 2012
AVON LAKE, OHIO (Dec. 20, 11:20 a.m. ET) — PolyOne Corp. said it has acquired Glasforms Inc. of Birmingham, Ala., a maker of glass and carbon fiber-reinforced polymers and advanced composite products, for $34 million.
Avon Lake-based PolyOne said the purchase marks the company’s entry into advanced composite technology. Glasforms has grown sales at a 36 pecent compound annual rate since 2010, and in fiscal 2012 had sales in excess of $50 million.
Glasforms makes advanced composite products for use in the electrical and telecommunications, energy, transportation, health care, and security and defense markets. End products that use Glasforms' products include endoscopy wands, wind turbine blades, commercial truck floors and railcar doors, composite utility poles, earthquake-proof bridge decks, and specialized rods used in the production of oil and gas.
"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," Stephen Newlin, PolyOne chairman, president and CEO, said in a statement.
PolyOne said Glasforms will continue to operate from its Birmingham campus, which includes six buildings and room for expansion. The company employs about 300, and its founder and president, Peter Pfaff, will continue in his leadership role along with other members of the Glasforms management team, PolyOne said.
Glasforms will be part of PolyOne’s Specialty platform, under the direction of Craig Nikrant, senior vice president and president of global specialty engineered materials.
The Glasforms deal caps a busy year on the mergers and acquisitions front for PolyOne, which in October announced the planned purchase of Spartech Corp. for $393 million. PolyOne is the largest compounder in North America, according to Plastics News estimates, with an estimated market share of 10-11 percent.