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.
PolyOne also announced that it has appointed Julie A. McAlindon as senior vice president,
president of Designed Structures and Solutions, reporting to
Robert M. Patterson, executive vice
president and chief operating officer. Ms.
McAlindon joined PolyOne in June
2010 as vice president, marketing after a distinguished
career with The Dow Chemical Company. Ms. McAlindon has been
an integral part of the specialty transformational journey at
PolyOne, leading the marketing function through process
improvements in innovation, commercialization of market-driven
applications and identification and analysis of megatrends that
drive strategic planning.
"I am extremely pleased that Julie will be leading this
important business segment within PolyOne, and that it will
continue to be based in the St.
Louis area. She has the drive, experience, technical
skills and leadership qualities needed to fully maximize the value
we expect from this new business," Mr. Patterson said.
In addition, Vicki Holt,
president and CEO of Spartech Corporation, has announced she will
be leaving the company, following a 30-day transition period to
help launch the commencement of integration efforts. "I'd
like to thank Vicki for her insights, leadership and
professionalism throughout this process, and I wish her the very
best in the next chapter of her career," Mr. Newlin said.
About PolyOne
PolyOne Corporation, with 2012 revenues
of $3.0 billion, is a premier
provider of specialized polymer materials, services and solutions.
The company is dedicated to serving customers in diverse industries
around the globe, by creating value through collaboration,
innovation and an unwavering commitment to excellence. Guided
by its Core Values, Sustainability Promise and No Surprises
PledgeSM, PolyOne is committed to its customers,
employees, communities and shareholders through ethical,
sustainable and fiscally responsible principles. For more
information, visit www.polyone.com.
To access PolyOne's news library online, please visit
www.polyone.com/news
Cautionary Note on Forward-Looking Statements
This document contains "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995. In
particular, statements in this document regarding the proposed
acquisition of Spartech Corporation are forward-looking statements.
Forward-looking statements give current expectations or forecasts
of future events and are not guarantees of future
performance. They are based on management's expectations that
involve a number of business risks and uncertainties, any of which
could cause actual results to differ materially from those
expressed in or implied by the forward-looking statements.
They use words such as "will," "anticipate," "estimate," "expect,"
"project," "intend," "plan," "believe," and other words and terms
of similar meaning in connection with any discussion of future
operating or financial condition, performance and/or sales.
Factors that could cause actual results to differ materially from
those implied by these forward-looking statements include, but are
not limited to: our ability to achieve the strategic and other
objectives relating to the Spartech acquisition, including any
expected synergies; our ability to successfully integrate Spartech
and achieve the expected results of the acquisition, including,
without limitation, the acquisition being accretive; disruptions,
uncertainty or volatility in the credit markets that could
adversely impact the availability of credit already arranged and
the availability and cost of credit in the future; the financial
condition of our customers, including the ability of customers
(especially those that may be highly leveraged and those with
inadequate liquidity) to maintain their credit availability; the
speed and extent of an economic recovery, including the recovery of
the housing market; our ability to achieve new business gains; the
effect on foreign operations of currency fluctuations, tariffs, and
other political, economic and regulatory risks; changes in polymer
consumption growth rates where we conduct business; changes in
global industry capacity or in the rate at which anticipated
changes in industry capacity come online; fluctuations in raw
material prices, quality and supply and in energy prices and
supply; production outages or material costs associated with
scheduled or unscheduled maintenance programs; unanticipated
developments that could occur with respect to contingencies such as
litigation and environmental matters; an inability to achieve or
delays in achieving or achievement of less than the anticipated
financial benefit from initiatives related to working capital
reductions, cost reductions, and employee productivity goals; an
inability to raise or sustain prices for products or services; an
inability to maintain appropriate relations with unions and
employees; the inability to achieve expected results from our
acquisition activities; our ability to continue to pay cash
dividends; the amount and timing of repurchases of our common
shares, if any; and other factors affecting our business beyond our
control, including, without limitation, changes in the general
economy, changes in interest rates and changes in the rate of
inflation. The above list of factors is not exhaustive.
We undertake no obligation to publicly update forward-looking
statements, whether as a result of new information, future events
or otherwise. You are advised to consult any further
disclosures we make on related subjects in our reports on Form
10-Q, 8-K and 10-K that we provide to the Securities and Exchange
Commission.
SOURCE PolyOne Corporation