PolyOne Expands Specialty Color and Additives Expertise with Acquisition of IQAP Masterbatch
CLEVELAND, Jan. 2, 2018 /PRNewswire/ -- PolyOne Corporation (NYSE: POL), a premier global provider of specialized polymer materials, services and solutions, today announced the acquisition of IQAP Masterbatch Group S.L., a privately owned and innovative provider of specialty colorants and additives based in Spain with customers throughout Europe.
Founded in 1979 by Xavier Rovira, IQAP has built a technical and broad solutions portfolio that serves high-growth end markets consistent with PolyOne's focus, including transportation, packaging, consumer, wire & cable, and textiles. With two production facilities and a technology lab located in Spain, plus additional manufacturing capability in the Czech Republic, PolyOne will implement its proven invest-to-grow approach to integration and customer service.
"IQAP is a fantastic addition to our longstanding and growing expertise in color and additives innovation," said Robert M. Patterson, chairman, president and CEO, PolyOne Corporation. "The end markets that IQAP serves are perfectly aligned with areas PolyOne knows very well, and together we will advance the possibilities for our European customers working to meet demanding new standards for design, functionality and performance."
Mr. Rovira added, "I'm thrilled for IQAP customers and employees whose future can continue to grow and prosper as part of the global PolyOne family. We evaluated many potential buyers for IQAP, and PolyOne was the clear choice that best aligns with our vision and ideals for world-class innovation and customer service."
PolyOne Corporation (NYSE: POL) 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.
In this press release, statements that are not reported financial results or other historical information are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. 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 identify and evaluate acquisition targets and consummate acquisitions; the ability to successfully integrate acquired businesses into our operations, such as IQAP, Rutland, Mesa, Comptek, SilCoTec, Gordon Composites and Polystrand, including whether such businesses will be accretive, retain the management teams of acquired businesses, and retain relationships with customers of acquired businesses; 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; 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 and laws and regulations regarding the disposal of plastic in jurisdictions 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; our ability to continue to pay cash dividends, including at the increasing rate, which will be subject to, among other factors, market conditions, our cash flow and cash requirements and restrictions contained in any of our debt agreements; 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.
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Source: PolyOne Corporation