A. Schulman buying ECM Plastics
Canadian PlasticsEconomy Plastics Industry Economic Changes/Forecast
In a move designed to allow entry into new compounding resins such as ABS, polycarbonates, polyurethanes and fluoropolymers, A. Schulman Inc. announced the signing of a definitive agreement to acquire ECM Plastics, Inc., a privately owned...
In a move designed to allow entry into new compounding resins such as ABS, polycarbonates, polyurethanes and fluoropolymers, A. Schulman Inc. announced the signing of a definitive agreement to acquire ECM Plastics, Inc., a privately owned plastics compounder located in Worcester, Mass., for US$36.5 million.
The transaction is expected to close in early September pending the completion of closing requirements.
“ECM brings expertise in custom color matching, higher-value compounding and specialty additive formulations and will expand our capabilities in growing markets such as the consumer goods and cosmetics markets,” said Joseph M. Gingo, Fairlawn, Ohio-based A. Schulman’s chairman, president, and CEO. “We believe they are an excellent strategic fit as we continue to strengthen our position for long-term profitable growth in the United States.”
ECM provides custom color matching, specialty additive formulations and plastic compounding
based on a broad range of thermoplastic resins for a variety of markets. The one-facility company employs approximately 140 people.
In another move, A. Schulman announced the sale of its Bellevue, Ohio facility to Mitsubishi Chemical Performance Polymers, Inc. “The sale will allow [A. Schulman] to continue its U.S. focus on higher-value technical products in keeping with its global strategy,” A. Schulman said in a statement. Terms of the sale of the Bellevue plant were not disclosed; however, A. Schulman said it will not incur any significant gain or loss on the sale.
A. Schulman employs about 3,100 people and has 33 manufacturing facilities globally; the company reported net sales of US$2.2 billion for the fiscal year ended August 31, 2011.