Perrite Group Thermoplastics Manufacturer Acquired by A Schulman Inc

A Schulman acquires Perrite for $52 million

7:39 AM, 4th September 2013
A Schulman Business Acquisition News

AKRON, US: A Schulman Inc has purchased the Perrite Group, a thermoplastics manufacturing business with operations in Malaysia, the United Kingdom and France, for approximately $52 million. Perrite was part of the Vita Group portfolio of companies. The acquisition is expected to increase revenues in A Schulman’s Asia Pacific (APAC) segment by 35 per cent and will double the size of the Company’s existing Engineered Plastics business in the region.

“Expansion of our custom performance colours and engineered plastics businesses in APAC is a key component of our growth strategy, and the addition of Perrite’s manufacturing facility in Malaysia will enhance our ability to serve key customers in the region as well as globally. It also provides an attractive opportunity to leverage our broader portfolio of products through our successful colour and niche engineered plastics businesses in EMEA and the Americas,” said Joseph M Gingo, Chairman, President and CEO, A Schulman.

“Perrite holds leading positions in attractive target markets such as electronics, appliance and niche automotive; offers well-established and respected brands; brings a highly experienced technical team; and has a strong track record of profitable growth. The acquisition will allow us to strengthen our European niche Engineered Plastics business with the addition of new customers, as well as move into adjacent markets with Perrite’s highly profitable insulation materials for the sub-sea flexible oil pipe market, which are manufactured in the United Kingdom,” added Gingo.

“A Schulman’s strong balance sheet and solid cash flow generation continue to position the Company well to pursue its acquisition strategy. Our goal is to further strengthen our Company’s leading position in our core markets and position the Company for sustainable growth. We will remain aggressive in pursuing this strategy and are encouraged by the opportunities in the global acquisition pipeline,” said Gingo.

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