PolyOne Corporation (NYSE: POL), a premier global provider of specialized polymer materials, services and solutions, has acquired Uniplen Industria de Polimeros Ltda. (Uniplen), a leading Brazilian producer of specialty engineered materials and distributor of thermoplastics.
"The Uniplen acquisition provides PolyOne with local expertise in specialty engineered materials as well as an attractive position in the Brazilian thermoplastics distribution market," said Stephen D. Newlin, chairman, president and chief executive officer. "The combination of Uniplen and our previously announced acquisition of Polimaster firmly establishes our Specialty product offering and overall customer service capabilities in Brazil."
Newlin added, "We now have specialty engineered materials, color masterbatch and distribution capabilities in Brazil, providing the necessary critical mass to serve our global customers in the region. Consistent with our globalization strategy, our expanded geographic footprint is capable of providing specialty solutions to customers anywhere in the world."
The recently acquired Brazilian businesses are located in Sao Paulo, Santa Catharina and Novo Hamburgo, near Porto Allegre and serve customers in diverse end markets including consumer, transportation and appliance.
"Uniplen and Polimaster demonstrate our commitment to expanding our specialty platform with bolt-on acquisitions at reasonable prices," said Robert M. Patterson, senior vice president and chief financial officer. "We will continue to seek opportunities that increase our presence in high growth regions such as Brazil, Asia, and the Middle East, as well as in attractive end markets such as consumer and healthcare."
The Uniplen transaction was completed for an upfront cash purchase price of $21 million with a potential for further consideration payable over the next three years based on achieving certain performance metrics. Uniplen recorded revenues of approximately $34 million in 2010.