US-based polymers group PolyOne on Thursday announced the
acquisition of Glasforms, 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 strategy of providing specialty solutions
that deliver value to customers.
With a purchase price of $34 million, PolyOne said it
expects the acquisition to be accretive to earnings in
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
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, CEO of PolyOne.
"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 growththat Glasforms has achieved in its
Glasforms will continue to operate from its campus
in Birmingham, Alabama, 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.