SHANGHAI (April 19, 4 p.m. ET0 — After a year of new acquisitions and leadership changes, PolyOne Corp. is pursuing a growth strategy in Asia that will build on their new relationships, aiming to beat GDP growth in the region.
A key part of the strategy involves last year's acquisition of ColorMatrix, a Berea, Ohio-based liquid colorants specialist that has had a plant in Suzhou, China, since 2008.
“The global overlap of PolyOne and ColorMatrix is less than 5 percent,” said Mark Crist, the vice president of Asia at PolyOne. “Think of the opportunities for cross-selling.”
Crist was interviewed at Chinaplas 2012 in Shanghai. PolyOne hopes to build off of the new customers that ColorMatrix is bringing in, offering them a wider range of products.
“If I have a customer with an already established supply train and trust I can then offer them other kinds of polymers solutions,” Crist said. “We can increase our presence.”
The ColorMatrix acquisition was completed at the end of 2011, representing an investment of $486 million.
Crist pointed out that gross domestic product growth in China is expected to reach 8.5 percent in 2012. He is aiming to expand PolyOne's sales in the country by multiples of the GDP number.
Crist himself is part of PolyOne's recent leadership reshuffle. He arrived in Shanghai a few months ago, taking over from Willie Chien.
Avon Lake, Ohio-based PolyOne arrived at Chinaplas, held April 18-21 in Shanghai, with a new line of thermally conductive grades for LED lighting applications, called Therma-Tech. The material can be used in place of metal heat sinks to enable parts consolidation and better management of hot spots, resulting in longer LED lifetimes. At the show ColorMatrix was featuring a series of PET reheat additives.
While the two brands were operating separate booths at the exhibition, Crist said they planned to exhibit together in the future.