AKRON, Ohio, Jan. 7, 2014 /PRNewswire/ -- A. Schulman, Inc. (Nasdaq-GS: SHLM) announced today that it has purchased Prime Colorants Incorporated, a significant manufacturer of custom colors and additive concentrates in Franklin, Tennessee, for approximately $15.1 million.
"This latest acquisition is part of our ongoing strategy to grow our custom color capabilities in the United States, as well as further transform our U.S. operations from commodity products to a business focused on niche products and services. Color remains an area of opportunity for us in the United States, and the acquisition of Prime will enable us to serve customers better by offering color expertise in an area of the country where we were not previously located," said Joseph M. Gingo, Chairman, President and Chief Executive Officer, A. Schulman. "A. Schulman has maintained a strong working relationship with Prime for many years, and we believe their associates will be a good cultural fit with our organization. Additionally, this added capacity will complement our recent acquisition of the Perrite Group which brought us additional color capabilities in Malaysia, as well as our acquisition of Network Polymers which added to our niche business in the United States."
For 38 years, Prime has provided pelletized color concentrates and dry powder color expertise to customers in the automotive and building and construction markets. Prime also provides an entry point for A. Schulman in the liquid color market. Prime employs approximately 50 people and expects revenues in calendar 2013 to be approximately $12 million.
Gingo added, "Our strong balance sheet and solid cash flow generation continue to position the Company well to pursue its acquisition strategy. Our goal is to build on our leading position in core markets and promote sustainable and profitable growth. We will remain aggressive in pursuing this strategy as well as the many opportunities we are seeing globally for bolt-on acquisitions."
About A. Schulman, Inc.
A. Schulman, Inc. is a leading international supplier of high-performance plastic compounds and resins headquartered in Akron, Ohio. Since 1928, the Company has been providing innovative solutions to meet its customers' demanding requirements. The Company's customers span a wide range of markets such as packaging, mobility, building & construction, electronics & electrical, agriculture, personal care & hygiene, sports, leisure & home, custom services and others. The Company employs approximately 3,400 people and has 36 manufacturing facilities globally. A. Schulman reported net sales of $2.1 billion for the fiscal year ended August 31, 2013. Additional information about A. Schulman can be found at www.aschulman.com.
SOURCE A. Schulman, Inc.