AVON LAKE, Ohio—PolyOne Corp. has started 2018 with another acquisition, this time in Spain.
PolyOne announced Jan. 2 that it has acquired IQAP Masterbatch Group S.L., a privately owned specialty colorants and additives maker with customers throughout Europe.
IQAP is based in Les Masies de Roda, Barcelona. The firm was founded in 1979 by Xavier Rovira, according to PolyOne.
Terms were not disclosed.
The company has annual sales of about $48 million, according to Plastics News Europe.
IQAP's end markets include transportation, packaging, consumer, wire & cable, and textiles. IQAP has two production sites and a technology lab in Spain, plus additional manufacturing capability in the Czech Republic.
IQAP Czech s.r.o. has a 3,000 metric ton per year color concentrates and additives plant in Tábor in South Bohemia, the Czech Republic.
"IQAP is a fantastic addition to our longstanding and growing expertise in color and additives innovation," Robert Patterson, PolyOne chairman, president and CEO, said in a news release. "The end markets that IQAP serves are perfectly aligned with areas PolyOne knows very well, and together we will advance the possibilities for our European customers working to meet demanding new standards for design, functionality and performance."
Rovira added: "I'm thrilled for IQAP customers and employees whose future can continue to grow and prosper as part of the global PolyOne family. We evaluated many potential buyers for IQAP, and PolyOne was the clear choice that best aligns with our vision and ideals for world-class innovation and customer service."
PolyOne, a publicly traded compounder and resin distributor based in Avon Lake, has been active in the M&A arena. The company bought four color-related companies between December 2016 and July 2017. PolyOne also sold its Designer Structures & Solutions unit to private equity firm Arsenal Capital Partners in 2017.