PolyOne Corporation, a provider of specialized polymer materials, has acquired Magenta Master Fibers, a developer of solid color concentrates for the global fiber industry.
PolyOne purchased Magenta from BASF for US$22 million. The acquisition is expected to add $16 million to revenues and be accretive to earnings in 2016.
Magenta's solutions span a wide range of uses, including clothing and apparel, outdoor equipment, high-performance products and multiple materials used in the transportation industry. With operations in Milan and Shanghai, 65% of Magenta revenues are outside of North America.
‘This is another excellent, strategic acquisition that will further accelerate our specialty strategy as we pursue our 2020 Platinum Vision,’ said Robert M. Patterson, president and CEO, PolyOne Corporation.
This story is reprinted from material from PolyOne, with editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.
