PolyOne to Acquire TPE Custom Solutions Provider GLS Corporation
Transaction will advance specialization strategy, open new market opportunities
PolyOne Corporation announced that it has signed a definitive agreement to acquire GLS Corporation, the provider of specialty thermoplastic elastomer compounds ("TPE") for consumer and medical applications. GLS has annual sales of approximately $130 million. Terms of the pending transaction were not disclosed. However, PolyOne expects that the acquisition will be slightly accretive to earnings in the first year. Consummation of the transaction is subject to the satisfaction or waiver of customary closing conditions.
GLS, a privately-held company owned by the Dehmlow family, is headquartered in McHenry, Illinois. The company, which serves more than 1,200 customers worldwide, has achieved double-digit revenue growth in each of the last 10 years and is well positioned to capitalize on escalating demand for soft-touch products. With approximately 200 employees, GLS supports its customers with manufacturing facilities in Illinois and Suzhou, China. In 2006, GLS became the first specialty TPE compounder to begin production in China.
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