Materials firm PolyOne Corp. has kept its acquisitions streak going by adding composites maker PlastiComp Inc. for an undisclosed price.
It's the second acquisition of 2018 for Avon Lake, Ohio-based PolyOne and the firm's sixth since early 2017. Winona, Minn.-based PlastiComp makes long fiber technology-based composites for medical devices, robots and drones, outdoor equipment and other markets.
"We are very excited to accelerate commercial and operational investments to further expand this important composite technology as part of our advanced composites portfolio," PolyOne Chairman, President and CEO Robert Patterson said in a June 1 news release.
PlastiComp was founded in 2003 by industry veteran and composites pioneer Stephen Bowen. The firm employs 50 in Winona, making composites based on materials ranging from polypropylene to PEEK. PlastiComp's long-fiber composites offer high strength and stiffness, design freedom, corrosion and wear resistance and recyclability, officials said.
"As we looked to take this business and our customers to the next level, PolyOne was the natural choice," Bowen added. "PolyOne's comprehensive approach to design, service and innovation in thermoplastics and composites will enable us to forge even further ahead with our [long-fiber] technology."
PlastiComp will become part of PolyOne's Specialty Engineered Materials unit. PlastiComp most recently expanded in early 2017 when it added a new pultrusion line for long-carbon-fiber-reinforced composites. The firm began making those specialty materials in 2014 and now has five production lines for those products.
Earlier this year, PolyOne purchased Spanish color and additive concentrates maker IQAP Masterbatch Group SL. The firm spent almost $164 million on its four 2017 acquisitions.
In a recent interview with Plastics News, Patterson said that PolyOne "makes acquisitions where we can invest and drive growth." He added that smaller bolt-on acquisitions "lend themselves to what we want to do. We can take what they have and accelerate growth. That's kind of our sweet spot."
PolyOne ranks as North America's largest compounder and concentrates maker and one of the region's largest resin distributors. The firm posted sales of just over $3.2 billion in 2017, up 10 percent from the previous year.
