Compounder PolyOne Will Buy Spartech

Plastics compounder PolyOne will acquire rival Spartech for $393 million, including $143 million in debt. Spartech shareholders will receive cash and stock valued at $8.00 per share, a premium of 56% over Spartech’s closing price on Oct. 23 just before the sale was announced. The two expect to complete the deal by March 2013. With sales of $1.2 billion, Spartech will contribute 30 facilities in the U.S., Canada, Mexico, and France and 2,500 employees. PolyOne, with 2011 sales of $2.9 billion, says the acquisition will advance its specialties portfolio and accelerate growth.