Materials maker Chroma Color Corp. has grown by acquiring Polymer Concentrates Inc. of Clinton, Mass.
Officials with McHenry, Ill.-based Chroma said in a Feb. 12 news release that the deal allows their firm "to grow its manufacturing footprint, along with its suite of colorant and additive technologies to better serve existing and prospective customers."
No purchase price was disclosed. PCI is privately held and develops and manufactures color concentrates for the international plastics industry.
"Over the past five decades, [PCI] has forged deep relationships with a wide range of customers in the automotive, communication technology, wire and cable, housewares, netting, packaging and other specialty industries," officials said in the announcement.
Chroma officials "were very excited when we saw the opportunity to add [PCI] to the Chroma family," Chroma CEO Tom Bolger said in the release. PCI "has a solid reputation in the marketplace, and its facility is very close to our plant in Leominster," he added.
Chroma and PCI have complimentary product lines, according to Bolger, but different customer bases.
"That makes this acquisition very attractive allowing us to offer a broader suite of products," he added.
PCI delivers "exceptional color technology" for nylon and other engineering resins and has "several exciting new products" in the R&D pipeline, Howard DeMonte, Chroma's president, said in the release.
Chroma makes color concentrates based on a variety of resins for several markets. The firm employs about 400 and has annual sales of more than $150 million.
In mid-2018, investment firm Arsenal Capital Partners of New York combined Chroma with materials firms Carolina Color, Breen Color Concentrates and Breen's Hudson Color unit — all of which Arsenal had acquired since late 2017 — to create a larger firm. Chroma now operates six production sites across the U.S.
Arsenal and its holdings now have made 26 plastics-related acquisitions since 2012.