CLEVELAND, March 12, 2013 /PRNewswire-FirstCall/ -- PolyOne Corporation (NYSE: POL), a premier provider of specialized polymer materials, services, and solutions, today announced that Spartech shareholders have approved the merger agreement pursuant to which PolyOne will acquire Spartech Corporation (NYSE: SEH), a leading producer of custom plastic sheet and rollstock and packaging solutions. PolyOne announced the agreement to acquire Spartech Corporation on October 24, 2012. The transaction will be officially completed on March 13, 2013.
"We are thrilled to be moving forward with this acquisition, and we welcome the Spartech associates to the PolyOne team," said Stephen D. Newlin, chairman, president and chief executive officer, PolyOne Corporation. "This acquisition further strengthens our Specialty Platform by enabling us to better serve customers with adjacent technologies in attractive end markets."
"This business looks very much like PolyOne did in the early years of our transformation. We have the playbook and in-house expertise to accelerate Spartech's transformation from a volume-oriented company to one that focuses on specialty solutions and true value creation for customers," added Mr. Newlin. "We are committed to the successful integration of Spartech, and look forward to delivering the projected annual synergies of $65 million by the end of the third year post-acquisition."
With the acquisition of Spartech, PolyOne will make changes to its segment structure. PolyOne's Specialty Platform will now have three reportable segments: Global Color, Additives and Inks, Global Specialty Engineered Materials, and a newly formed segment named Designed Structures and Solutions (DSS). DSS will be comprised of Spartech's former Custom Sheet and Rollstock and Packaging Technologies businesses. Spartech's Color & Specialty Compounds business will be integrated into PolyOne's Global Color, Additives & Inks, Global Specialty Engineered Materials, and Performance Products & Solutions segments. Use of the Spartech name will discontinue.