Materials maker A. Schulman Inc. has purchased Prime Colorants Incorporated, a Franklin, ten.-based manufacturer of custom colors and additive concentrates, for approximately US$15.1 million.
"This latest acquisition is part of our ongoing strategy to grow our custom color capabilities in the United States, as well as further transform our U.S. operations from commodity products to a business focused on niche products and services,” said Joseph M. Gingo, chairman, president and CEO of Fairlawn, Ohio-based Schulman. “Color remains an area of opportunity for us in the United States, and the acquisition of Prime will enable us to serve customers better by offering color expertise in an area of the country where we were not previously located.”
Prime Colorants provides color concentrates and dry powder colors for the automotive and building and construction markets. The company employs approximately 50 people and expects revenues in calendar 2013 to be approximately US$12 million.