Geon Co., a leading PVC maker based in Avon Lake, Ohio, announced it plans to acquire Plast-O-Meric Inc., a custom compounder of vinyl plastisols in Sussex, Wis.
Plast-O-Meric's 1997 sales of $73 million make it the largest U.S. merchant vinyl plastisol firm, Geon said. Plastisols are PVC compounds with high levels of plasticizers to increase flexibility.
Plast-O-Meric has four U.S. plants — in Sussex; Waukesha, Wis.; North Baltimore, Ohio; and Sullivan, Mo. — and employs 225. The 29-year-old firm also makes polyurethane systems, automotive molding powders, vinyl screen printing inks and vinyl coating powders.
The company's products are used in automotive armrests and dashboards, tool handles, air and water filters and other products.
Plast-O-Meric is ``an excellent fit'' with Geon's strategy of increasing shareholder value through its value-added businesses, Geon chairman and chief executive officer William Patient said in a news release.
Andy McClellan, Plast-O-Meric's vice president of manufacturing and the son of company founder Ernest McClellan, said the company was looking to grow its business, but wasn't necessarily looking to sell.
``We had offers forever, but Geon seemed to be a fit that would benefit the company,'' Andy McClellan said.
He added that he does not expect any management changes at Plast-O-Meric, which has seen steady sales growth of 15-20 percent annually.
Plast-O-Meric will operate as a separate unit within Geon, which posted sales of $1.25 billion in 1997. Terms of the pending acquisition were not disclosed.