PolyOne buys BASF’s Magenta Fibers business
In a move to expand its presence in the transportation and consumer goods markets, material supplier PolyOne Corporation has acquired BASF SE’s Magenta Master Fibers specialty solid color concentrates business for US$22 million.
Magenta’s product offerings span a range of uses, including clothing and apparel, outdoor equipment, high-performance products and multiple materials used in the transportation industry. With operations in Milan and Shanghai, 65 per cent of Magenta revenues are outside of North America. Magenta will operate within PolyOne’s Global Color, Additives and Inks segment.
In a statement, Avon Lake, Ohio-based PolyOne said the acquisition is expected to add US$16 million to its revenues.
“This is another excellent, strategic acquisition that will further accelerate our specialty strategy as we pursue our 2020 Platinum Vision,” said Robert M. Patterson, PolyOne’s president and CEO. “Similar to our past Color business acquisitions of ColorMatrix and Accella, we will utilize our invest-to-grow integration approach to help our customers innovate and succeed.”