AVON LAKE, Ohio—PolyOne Corp.'s acquisition of the masterbatch concentrates business of Clariant A.G. is leading the materials firm to make some personnel changes.
Officials with Avon Lake-based PolyOne said in a March 16 news release that "given the size and scope of the pending acquisition," the company will establish two leadership roles with designated regional responsibilities for PolyOne's Color, Additives and Inks segment. PolyOne is a leading North American compounder and resin distributor.
Woon Keat Moh will serve as president of Color, Additives and Inks, for the Americas and Asia regions. Moh had been president of that entire unit since Jan. 1. He's been with PolyOne since 2010 and has previous industry experience with Clariant and Bayer.
In a new appointment and role, Michael Garratt—currently senior vice president and chief commercial officer—will serve as president of Color, Additives and Inks, for the Europe, Middle East and Africa region. Garratt has 30 years of experience in the specialty polymer sector—including time with Dow Chemical and Excel Polymers—and has been with PolyOne since 2013.
John Midea, senior vice president of global operations and process improvement, will serve as integration leader for the acquisition. Officials said that Midea will oversee a cross-functional committee of associates from both companies who will lead the integration. Midea has been with PolyOne since 2015.
In a related move, marketing Vice President Cathy Dodd is being promoted to senior vice president and chief commercial officer, replacing Garratt. Dodd joined PolyOne in 2014 and has previous industry experience with Eastman Chemical and Honeywell.
"I'm very excited for these proven leaders at PolyOne to expand their roles, serve our customers, and inspire our global associates," Chairman, President and CEO Robert Patterson said in the release.
PolyOne announced plans Dec. 19 to acquire the Clariant unit for $1.45 billion. The unit has annual sales of $1.1 billion.
With the Clariant operations, PolyOne will add 46 manufacturing sites and technology centers in 29 countries and about 3,600 employees. The PolyOne-Clariant deal values the Clariant business at about 11.1 times the annual earnings before interest, taxes, depreciation and amortization.
PolyOne, in part, is funding the Clariant deal with proceeds from the $775 million all-cash sale of its Performance Products and Solutions business. That business was sold in August to private equity firm SK Capital Partners of New York.
PolyOne employs 5,600 worldwide and posted sales of $2.9 billion in 2019. The firm is a founding member of the Alliance to End Plastic Waste.