Compounder British Vita plc expanded its capacity with the April 1 acquisition of Synco SpA, a color and additive masterbatch producer in Campi Bisenzio, Italy, for $2.1 million in cash.
Earlier, Vita announced it had completed commissioning its first liquid compound production facility in Eastern Europe. The plant near Wroclaw, Poland, makes PVC plastisols, adhesive products and latex compounds for the lamination, wall covering and automotive markets.
Synco, with annual sales of $6.3 million in 2002, has focused on the packaging, housewares and electrical markets. It employs 28 at its single plant, according to Manchester, England-based Vita.
Vita, which has agreed to retain Synco's entire work force, acquired the new masterbatch subsidiary through its Vita Thermoplastics Compounds division. It will be run as VTC Synco srl. Vita already operates two color masterbatch businesses, Elian SAS of Oyonnax, France, and Silvergate Plastics Ltd. in Wrexham, Wales.
Vita bought Synco from Cognis SpA, an Italian subsidiary of specialty chemicals and ingredients company Cognis Group of Dusseldorf, Germany.
Synco is profitable, but does not fit with the company's plastics technology business, Cognis Chief Executive Officer Antonio Trius said in a news release. Cognis supplies additives used in plastics processing, including plasticizers, stabilizers, release agents and anti-fogging, anti-blocking and anti-static agents.
``By acquiring Synco, we will strengthen our European market position in the field of technical products and pave the way for further growth prospects for masterbatches,'' said Calvin O'Connor, Vita's industrial polymers director.