PolyOne acquire Spartech $393 million

PolyOne to acquire Spartech for $393 million

4:25 AM, 25th October 2012
PolyOne to acquire Spartech for $393 million

OHIO, US: PolyOne struck a $246.3 million deal to buy plastic products maker Spartech Corp to enter markets such as aerospace. Spartech stockholders will receive $2.67 in cash and 0.3167 PolyOne shares for each share held. The deal value is based on Spartech’s 30.79 million shares outstanding as of 1 September 2012. PolyOne expects the buyout to add to earnings in the first year, excluding acquisition-related costs and charges. The company said the deal will eventually add 50 cents to earnings per share.

The deal, expected to close in the first quarter of 2013, values Spartech at $393 million, including assumption of $142 million in debt. PolyOne will finance the deal with cash on hand and new long-term debt.

© Reuters News

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