PolyOne buys TPE assets, technologies from Kraton for $72 million
In a bid to expand its global footprint in thermoplastic elastomer (TPE) innovation and design, materials maker PolyOne Corporation has acquired what it calls “certain technologies and assets” from material supplier Kraton Performance Polymers Inc. for US$72 million.
The two companies also entered into a supply agreement that allows Kraton to provide PolyOne with certain raw materials used in production for the acquired business.
The end markets utilizing the acquired technologies span new and fast growing applications in adhesive and removable protective films, PolyOne said, as well as existing applications served by PolyOne, such as packaging, medical devices and personal care products.
“Since our highly successful TPE acquisition of GLS in 2008, we’ve continually invested in, globalized and grown in TPE innovation and its broad value-added uses,” said Robert M. Patterson, president and CEO of Avon Lake, Ohio-based PolyOne. “The integration will be swift and seamless, as we leverage our existing TPE know-how, global reach, and commercial expertise to help our customers in new and innovative ways.”
“Over the years Kraton and PolyOne have enjoyed a significant relationship that has been based upon a mutual appreciation for the value of innovation,” said Kevin M. Fogarty, Kraton’s President and CEO. “This transaction will enable Kraton to focus on its core strengths around polymer design, and enable PolyOne to focus on its leading capabilities as a provider of polymer formulations. Ultimately, we expect the transaction to lead to additional growth opportunities for both companies.”
Kraton is based in Houston, Tex.