PP&S is a global leader in plastic compounded solutions, comprised of Geon Performance Materials
Image: SK Capital has agreed to acquire the Performance Products & Solutions business from PolyOne. Photo: courtesy of rawpixel from Pixabay.
SK Capital, a private investment firm focused on the specialty materials, chemicals and pharmaceuticals sectors, today announced that it has signed a definitive agreement to acquire the Performance Products & Solutions business (PP&S) from PolyOne Corporation in a transaction valued at approximately $775 million.
PP&S is a global leader in plastic compounded solutions, comprised of Geon Performance Materials, the preeminent brand in polyvinyl chloride compounds with a reputation for innovation, and Producer Services, which offers a broad range of formulated polypropylene and thermoplastic polyolefin products and contract manufacturing services. PP&S operates twelve manufacturing locations across both North America and Asia and employs approximately 1,100 people.
Jack Norris, a Managing Director of SK Capital, stated, “PP&S is a market leader with a rich heritage in the PVC and polypropylene compounding industry. We are excited about the opportunity to further strengthen the business through both growth and improvement initiatives, similar to how we’ve approached several other investments that were corporate carveouts.”
The transaction is expected to close in the fourth quarter of 2019. Latham & Watkins LLP acted as legal counsel to SK Capital and committed debt financing was provided by Cerberus Business Finance, LLC.
PolyOne Corporation, with 2018 revenues of $3.5 billion, is a premier provider of specialized polymer materials, services and solutions. The company adds value to global customers and improves sustainability through formulating materials.
Source: Company Press Release