US-based chemicals company PolyOne Corp will buy ColorMatrix Group, a maker of colorants and other additives for plastics, from private equity investor Audax Group for $486 million.
Based in Berea, Ohio, ColorMatrix is a leading specialty provider of liquid colorants and additives for diverse segments, including rigid beverage and food packaging, industrial extrusion, performance molding, wire, cable, fibre, and silicone rubber markets.
The additives are used to increase product shelf life, preserve taste and make products more easily recyclable.
Through its April 2011 acquisition of Gayson, ColorMatrix expanded its portfolio to include short turnaround, custom colour dispersions used in silicone processing for a broad range of medical, consumer and automotive applications.
ColorMatrix holds 162 patents and 107 pending applications worldwide and nearly 70 per cent of its revenues are generated from outside North America. ColorMatrix had sales of approximately $196.8 million for the 12 months ended 30 June 2011.
Formed through the 2000 merger between Hanna Company and The Geon Company, Cleveland, Ohio-based PolyOne, with 2010 revenues of $2.6 billion, is a leading provider of specialised polymer materials, services and solutions.