PolyOne Corporation have announced the acquisition of Glasforms, Inc., a manufacturer of glass and carbon fibre reinforced polymers and advanced composite products. The purchase marks PolyOne’s entrance into advanced composite technology.
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 makes advanced composite products for use in applications across the electrical and telecom, energy, transportation, healthcare, and security and defence 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 specialised rods used in the production of oil and gas.
Stephen D. Newlin, chairman, President and CEO of PolyOne Corporation said;
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, 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 plenty of 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.