A Schulman acquires ECM Plastics $36.5 million

A Schulman acquires ECM Plastics for $36.5 million

4:44 AM, 21st August 2012
A Schulman acquires ECM Plastics for $36.5 million
Joseph M Gingo, Chairman, President and Chief Executive Officer, A Schulman.

AKRON, US: A Schulman Inc has signed a definitive agreement to acquire ECM Plastics Inc for $36.5 million. ECM Plastics Inc generates approximately $40 million in annual sales. After expected synergies, operating margins are projected to exceed 10 per cent, with operating profit per pound to surpass 15 cents. The transaction is expected to close in early September pending the completion of closing requirements.

“With ECM’s expertise in custom colour matching, higher-value compounding and specialty additive formulations, we believe they are an excellent strategic fit as we continue to focus on niche products. We expect ECM to provide strong synergies when combined with our current masterbatch and engineered plastics businesses allowing us to strengthen our position for long-term profitable growth in the United States,” said Joseph M Gingo, Chairman, President and Chief Executive Officer, A Schulman.

“As we have undertaken this shift to higher-value products in engineered plastics, specialized colour and masterbatch, we have exited our legacy plants that were dedicated primarily to serving the volume automotive market. In addition to the ECM acquisition, we have announced the sale of our Bellevue facility, which marks the completion of this transformation. We are pleased to have found a strong buyer in Mitsubishi Chemical Performance Polymers,” added Gingo.

© WOC News



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