PolyOne Corporation announced it has acquired substantially all of the assets of specialty healthcare engineered materials provider New England Urethane, Inc.
The purchase price of $12 million includes an earn-out payable in 2011. Based in North Haven, Conn., NEU provides high performance engineered thermoplastics, services and solutions to the healthcare market.
"We're pleased to announce the acquisition of NEU, which expands PolyOne's healthcare product offerings. PolyOne will also add critical mass to a niche player in the healthcare field," said Craig Nikrant, vice president and general manager of Specialty Engineered Materials. "We look forward to leveraging our global reach and NEU's technology and industry knowledge to accelerate healthcare sales growth for PolyOne."
"This acquisition illustrates our commitment to investing in and growing our specialty platform, and more specifically our healthcare business, which we have said publicly is a focus market for PolyOne," said Robert M. Patterson, senior vice president and chief financial officer. "At a purchase price of approximately 4.9 times estimated 2009 EBITDA, we expect NEU will be accretive to earnings, adding a penny to earnings per share in 2010."
