Germany's Konrad Hornschuch AG has purchased film maker O'Sullivan Films Inc. of Winchester, Va., in a deal designed to widen Hornschuch's geographic reach and product lineup.
The two companies did not disclose a purchase price for the sale, which they announced March 23 in a joint news release.
O'Sullivan is a one-time film unit of PolyOne Corp. It was sold to a management group and private equity firm in 2005. At that time, the company employed 560.
O'Sullivan closed its Lebanon, Pa., plant in 2008 to consolidate operations in Winchester and now employs 350.
Both the O'Sullivan name and management team will continue under the new ownership.
Hornschuch has 800 employees with headquarters and manufacturing in Weissbach. It also has sales offices in Russia, England, France, Italy and the Czech Republic and an adhesives subsidiary in Herbolzheim, Germany.
Barclay's Private Equity of London purchased the company in 2008, and members of Hornschuch management team later purchased a 20 percent stake in the firm.
It listed sales of 161.1 million euros (about $223 million) in 2008. Together, the two firms would have had about $300 million in sales for 2009.
Both companies make film for the automotive and construction industries. O'Sullivan adds business in the consumer and health-care markets to Hornschuch's business.
Copyright 2010 Crain Communications Inc. All Rights Reserved.
