A. Schulman Inc has purchased Prime Colorants Incorporated, a significant manufacturer of custom colours and additive concentrates in Franklin, Tennessee, for approximately $15.1 million.
Joseph M Gingo, Chairman, President and Chief Executive Officer, A. Schulman, said, “This latest acquisition is part of our ongoing strategy to grow our custom colour capabilities in the US, as well as further transform our US operations from commodity products to a business focused on niche products and services. Colour remains an area of opportunity for us in the US, and the acquisition of Prime will enable us to serve customers better by offering colour expertise in an area of the country where we were not previously located.”
He added, “A. Schulman has maintained a strong working relationship with Prime for many years, and we believe their associates will be a good cultural fit with our organisation. Additionally, this added capacity will complement our recent acquisition of the Perrite Group which brought us additional colour capabilities in Malaysia, as well as our acquisition of Network Polymers which added to our niche business in the US."
For 38 years, Prime has provided pelletised colour concentrates and dry powder colour expertise to customers in the automotive and building and construction markets. Prime also provides an entry point for A. Schulman in the liquid colour market. Prime employs approximately 50 people and expects revenues in calendar 2013 to be approximately $12 million.
Joseph M Gingo, Chairman, President and Chief Executive Officer, A. Schulman, said, “This latest acquisition is part of our ongoing strategy to grow our custom colour capabilities in the US, as well as further transform our US operations from commodity products to a business focused on niche products and services. Colour remains an area of opportunity for us in the US, and the acquisition of Prime will enable us to serve customers better by offering colour expertise in an area of the country where we were not previously located.”
He added, “A. Schulman has maintained a strong working relationship with Prime for many years, and we believe their associates will be a good cultural fit with our organisation. Additionally, this added capacity will complement our recent acquisition of the Perrite Group which brought us additional colour capabilities in Malaysia, as well as our acquisition of Network Polymers which added to our niche business in the US."
For 38 years, Prime has provided pelletised colour concentrates and dry powder colour expertise to customers in the automotive and building and construction markets. Prime also provides an entry point for A. Schulman in the liquid colour market. Prime employs approximately 50 people and expects revenues in calendar 2013 to be approximately $12 million.