Plaskolite LLC has acquired the Vycom sheet business of Azek Co. Inc. for $140 million.
Officials with Plaskolite in Columbus, Ohio, said that with the acquisition, their firm "will expand into attractive new substrates and provide a broader product bundle to a complementary customer base."
Vycom, based in Scranton, Pa., makes highly engineered olefin and PVC sheet for semiconductor, outdoor living, playground, marine, industrial and graphics markets. Officials said sheet products are specified for their high quality and performance in fire and chemical resistance.
"[Vycom] complements our employee-first culture and focus on strong customer relationships, safety and sustainability," Plaskolite co-President John Szlag said in a news release.
He added that Vycom recycles and reuses 99 percent of its scrap, which will expand Plaskolite's involvement in sustainability.
Kevin Duffy, Vycom's vice president and general manager, added that as a result of the deal, his business will be able to provide "new complementary solutions to a growing customer base."
The all-cash deal broadens Plaskolite's substrate offering and expands its presence into other market segments, according to Thomas Chadwick, principal of manufactured products at Plaskolite majority owner Pritzker Private Capital.
In an Oct. 11 presentation to investors, officials with Chicago-based Azek said their firm will remain at the Scranton site for up to two years. During that time, Azek will relocate its residential-related manufacturing and fabrication to other Azek plants in the area.
The Vycom business had sales of almost $86 million in the 12-month period ending after the third quarter of 2023. Azek officials said the deal simplifies the firm's portfolio to focus on higher growth opportunities.
The proposed transaction is expected to close on Nov. 1. It's the 23rd acquisition in 16 years for Plaskolite. Most recently, in April the firm acquired an acrylic sheet plant in Matamoros, Mexico, from materials firm Trinseo.
Based on sales, Plaskolite is North America's 12th-largest film and sheet maker in Plastics News' ranking. The firm has annual estimated sales of more than $850 million.
Azek is a major building products maker that posted sales of $1.4 billion in 2022.