CLEVELAND, Dec. 20, 2012 /PRNewswire-FirstCall/ -- PolyOne Corporation (NYSE: POL), a premier provider of specialized polymer materials, services and solutions, today announced the acquisition of Glasforms, Inc., a leading manufacturer of glass and carbon fiber reinforced polymers and advanced composite products. The purchase marks PolyOne's entry into advanced composite technology, an adjacency consistent with the company's proven strategy of providing specialty solutions that deliver high value to customers.
With a purchase price of $34 million, PolyOne expects the acquisition to be accretive to earnings in 2013. Glasforms has grown sales at a 36% compound annual growth rate since 2010 and in fiscal year 2012 achieved revenues in excess of $50 million.
Glasforms manufactures advanced composite products for use in demanding applications across the electrical and telecom, energy, transportation, healthcare, and security and defense markets. End products include applications for endoscopy wands, wind turbine blade stiffening components, commercial truck floors and railcar doors for light-weighting, composite utility poles to replace wood and metal, earthquake-proof bridge decks, and specialized rods used in the production of oil and gas.
"Our acquisition of Glasforms marks yet another important milestone in PolyOne's transformation, as we further broaden our specialty solutions portfolio to include these new and adjacent technologies and applications," said Stephen D. Newlin, chairman, president and CEO, PolyOne Corporation. "As with past acquisitions, we will utilize an 'invest to grow' strategy and leverage PolyOne's strengths to further enhance the consistent and strong track record of innovation, performance and growth that Glasforms has achieved in its remarkable history."The company will continue to operate from its Birmingham, Alabama campus, which includes six buildings and ample capacity for future expansion. The company employs approximately 300 associates, and its founder and president, Peter Pfaff, will continue in his leadership role along with other members of the Glasforms management team. "When I started Glasforms, it was with a commitment to innovation, quality, growth and unparalleled value to our customers," said Mr. Pfaff. "I'm so proud of how our team has delivered and am extremely excited that we will take it to the next level by joining PolyOne. As PolyOne's proven strategy is now Glasforms's roadmap, it will increase our ability to help customers succeed by collaborating to deliver innovative solutions and unprecedented service in our industry."
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