PolyOne Corp. pays $12 million for Connecticut company
9:25 am, December 28, 2009
PolyOne Corp. (NYSE: POL) said it has acquired for $12 million substantially all the assets of New England Urethane, a North Haven, Conn.-based provider of engineered thermoplastic materials for the health care market. Craig Nikrant, vice president and general manager of Specialty Engineered Materials for Avon Lake-based PolyOne, said in a statement, "We look forward to leveraging our global reach and (New England Urethane's) technology and industry knowledge to accelerate health care sales growth for PolyOne." The acquisition of the Connecticut company by PolyOne “will also add critical mass to a niche player in the health care field," Mr. Nikrant said.
Robert M. Patterson, senior vice president and chief financial officer of PolyOne, said the company expects the acquisition of New England Urethane to be accretive to earnings, adding a penny to earnings per share in 2010.
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