 "A. Schulman completes acquisition of Ferro's specialty plastics assets")
A. Schulman Inc has completed its acquisition of a selected majority of the assets of the Specialty Plastics business segment from Ferro Corporation for $91 million in cash. The agreement to acquire the assets was first announced on June 4, 2014. The acquisition includes four facilities located in the US as well as operations in Spain.
"This acquisition is an excellent strategic complement to our existing capabilities and reflects our ongoing effort to expand our product offerings and geographic reach in target markets. We welcome the highly talented Specialty Plastics team to A. Schulman, and we are confident that they will fit in well with our performance-oriented growth culture,” said Joseph M Gingo, Chairman, President and Chief Executive Officer of A. Schulman.
The Specialty Plastics segment is a global supplier of custom engineered plastic compounds, colorants, and liquid coatings. The business offers a broad portfolio of proprietary products and recognised brand names serving a wide range of end markets including packaging, transportation, construction, appliances and agriculture.
The acquisition is expected to be accretive to adjusted earnings per share. A. Schulman anticipates achieving approximately $5.5 million in synergies within 12 to 18 months following the close of the transaction, driven primarily by sourcing activities and plant efficiency actions.
"This acquisition is an excellent strategic complement to our existing capabilities and reflects our ongoing effort to expand our product offerings and geographic reach in target markets. We welcome the highly talented Specialty Plastics team to A. Schulman, and we are confident that they will fit in well with our performance-oriented growth culture,” said Joseph M Gingo, Chairman, President and Chief Executive Officer of A. Schulman.
The Specialty Plastics segment is a global supplier of custom engineered plastic compounds, colorants, and liquid coatings. The business offers a broad portfolio of proprietary products and recognised brand names serving a wide range of end markets including packaging, transportation, construction, appliances and agriculture.
The acquisition is expected to be accretive to adjusted earnings per share. A. Schulman anticipates achieving approximately $5.5 million in synergies within 12 to 18 months following the close of the transaction, driven primarily by sourcing activities and plant efficiency actions.