PolyOne acquires Accella unit for $49 millionBy Mike McNulty
CLEVELAND—PolyOne Corp. has acquired the specialty polymer coatings assets of Accella Performance Materials Inc. for about $49 million.
It said the additions will broaden the company's reach into strategic markets.
Slated to become part of PolyOne's Global Color, Additives and Inks segment, the acquisition will provide specialty coatings for a wide range of applications, including consumer products, interior and under-the-hood automotive parts, outdoor recreational equipment, food packaging, medical device and construction, the firm said.
PolyOne's purchase of the portfolio “complements our existing specialty business and expands our presence in fast-growing end markets that are aligned with key megatrends,” said John V. Van Hulle, president of the firm's Global Color, Additives and Inks operation.
It expects the additions will add about $35 million to the Cleveland-based company's revenues and be accretive to earnings in 2015. PolyOne's sales in 2013 were about $3.8 billion.
“This is a strong fit with the resources and focus of PolyOne,” Accella CEO Andy Harris said. He said the coatings “will bring greater value to PolyOne's existing and new customers with the integration of Accella's people, technology, innovation and service.”
The divested assets are not related to Accella's polyurethanes and recycled rubber business, a spokesman said. They represent about 15 percent of the company's sales, according to Harris.
He said the sale allows St. Louis-headquartered Accella “to further sharpen our focus, investment and resources to further strengthen our value proposition to our customers” in the company's key markets.
Accella's polyurethane and rubber/EPDM businesses “are strategically linked as complete systems for athletic, sport and playground surfaces,” Harris said.
The company is the only one in North America able to provide the specialized polyurethane systems, custom colored EPDM and recycled rubber components and services to a variety of industries, he claimed.
PolyOne and Accella, which is part of the New York-headquartered Arsenal Capital Partners' network of companies, both will gain from the transaction, according to John Televantos, a partner at Arsenal Capital. It will enhance PolyOne's offerings “while strengthening Accella's position to further grow in target markets,” he said.
PolyOne's “invest-to-grow integration playbook is one we have historically executed with great success,” according to Robert M. Patterson, president and CEO of the company. “We will leverage our best-in-class technical, commercial and operational capabilities to drive growth for this new business, PolyOne and most importantly our customers.”
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