PolyOne Corporation acquired Fiber-Line Inc. from Ironwood Capital, Taglich Private Equity, LLC and others for approximately $150 million.
January 01, 2019 at 11:00 pm EST
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PolyOne Corporation (NYSE:POL) acquired Fiber-Line Inc. from Ironwood Capital, Taglich Private Equity, LLC and others for approximately $150 million on January 2, 2019. Total consideration consists of $152.7 million, net of cash acquired, inclusive of contingent consideration and excluding working capital adjustment. The contingent earn-out consideration will pay over a two-year period. Fiber-Line has annual sales of approximately $100 million. Dale Outhous, Chief Executive Officer of Fiber-Line and management team will join PolyOne. The transaction is expected to be immediately accretive to earnings per share. Ben Stulberg and James Dougherty of Jones Day acted as legal advisors to PolyOne Corporation.
Avient Corporation is a premier formulator of specialized and sustainable materials solutions. The Companyâs products include specialty engineered materials, performance fibers, advanced composites and color and additive systems. The Company operates through two segments: Color, Additives and Inks and Specialty Engineered Materials. The Color, Additives, and Inks segment is a formulator of specialized custom color and additive concentrates in solid and liquid form for thermoplastics, dispersions for thermosets, as well as specialty inks. Color and additive solutions include a range of colors, special effects and performance enhancing and sustainable solutions. It also provides custom-formulated liquid systems. The Specialty Engineered Materials segment is a formulator of specialty and sustainable polymer formulations, services and solutions for designers, assemblers, and processors of thermoplastic materials across variety of markets and end-use applications.