Akron-headquartered A. Schulman, Inc, a leading international supplier of high-performance plastic compounds, powders and resins, has completed the previously announced acquisition of Chicago-based Citadel Plastics Holdings, Inc, a portfolio company of private equity firms HGGC and Charlesbank Capital Partners, for US$800 million. A. Schulman expects the transaction to be accretive in the first 12 months of ownership and to realise approximately US$25 million in synergies within the next 18 months.
Bernard Rzepka, President and CEO of A. Schulman says that with the acquisition, Citadel can be able to provide a strong entry point to its 'Expanded Vision' initiative with its specialty engineered composites business.
Citadel operates 21 manufacturing facilities worldwide, including 10 thermoplastic facilities in the US and Canada, and 11 thermoset composite plants comprising seven in North America, two in Mexico, one in Germany, one in Brazil, and a joint venture consisting of two plants in China.
(PRA)
