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Strategies & Market Trends : Speculating in Takeover Targets
ULBI 6.175-1.5%2:20 PM EST
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To: richardred who wrote (2820)10/4/2011 9:36:34 AM
From: richardred   of 7256
 
PolyOne to acquire ColorMatrix for $486MResin maker PolyOne to acquire specialty additives maker ColorMatrix for $486 million
On Monday October 3, 2011, 11:25 am EDT
CLEVELAND (AP) -- PolyOne Corp., which makes resins used in plastic pipe and other products, said Monday it has agreed to acquire ColorMatrix Group Inc. for $486 million.

ColorMatrix is a manufacturer of specialty additives, liquid colorant and dosing technologies that serve niche markets, such as rigid beverage and food packaging, performance molding and fiber. The additives are used to increase product shelf life, preserve taste and make products more easily recyclable.

PolyOne intends to finance the purchase with a combination of cash on hand and $300 million of long-term debt.

PolyOne expects ColorMatrix to boost earnings by 2 to 3 cents per share in 2012 and between 10 and 12 cents in 2013.

This acquisition is expected to close late this year, once it clears regulatory hurdles. PolyOne said it will discuss the deal in more detail during its third quarter earnings conference call on Oct. 26.

PolyOne said the acquisition will speed up its plan to sell more specialized products. Geographically, it will expand its presence in Asia and Brazil and provide an entry into the Russian market. A majority of ColorMatrix's revenue is made outside North America.

PolyOne shares lost 50 cents, or 4.7 percent, to $10.21 in midday trading. The stock has traded between $9.96 and $16.61 in the past .

finance.yahoo.com
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