MOSCOW (MRC) -- Plaskolite, LLC, North America’s largest manufacturer of acrylic sheet products, has announced that it is acquiring the North American polycarbonate sheet manufacturing business of Covestro, a global leader in high-tech polymer materials, as per Plaskolite's press release.
The acquisition transforms the North American sheet industry by combining the leader in acrylic manufacturing and the leader in polycarbonate manufacturing.
As a part of the transaction, Plaskolite is acquiring sheet headquarters, production sites and warehouse facilities in Sheffield, Massachusetts and will maintain the existing third-party distribution warehouse facility in Hebron, Ohio. With this acquisition, Plaskolite will employ 950 people.
The closing is expected to be completed August 1, 2018.
Founded in 1950 in Columbus, Ohio, by Donald G. Dunn and family, Plaskolite, LLC is the largest North American manufacturer of see-through thermoplastic sheet products. Plaskolite’s customized products are used in a wide variety of applications, including windows, doors, lighting, signs, point-of-purchase displays and bath products. Plaskolite serves a diverse customer base including distributors, OEMs and retailers.
"This acquisition is transformational for Plaskolite and strengthens our industry leadership position," said Mitchell Grindley, Plaskolite’s President and CEO. "It broadens our offering and further strengthens our partnerships. Plaskolite will be the only manufacturer ever to offer a complete clear sheet product portfolio, including Acrylic, Polycarbonate, PETG and ABS, which is a benefit to customers who can now turn to one source for all their sheet needs."
This will be the second business that Plaskolite has acquired from Covestro. In 2012, Plaskolite purchased its North American Vivak line of PETG sheet. Covestro corporate headquarters are in Leverkusen, Germany.
This announcement follows Plaskolite’s February 12, 2018 announcement of its acquisition of the Continuous Cast Acrylic Sheet Business of Lucite International, Inc., which broadened its acrylic sheet offering and provided an entree into the spa and bath sheet business.
As MRC reported earlier, on 1 September, 2015, Bayer MaterialScience became known as Covestro. Bayer aims to float this business on the stock market by mid-2016 at the latest. The plans for the carve-out of Bayer MaterialScience were announced in September 2014.
Covestro (formerly Bayer MaterialScience) is an independent subgroup within Bayer. It was created as part of the restructuring of Bayer AG from the former business group Bayer Polymers, with certain of its activities being spun off to Lanxess AG. Covestro manufactures and develops materials such as coatings, adhesives and sealants, polycarbonates (CDs, DVDs), polyurethanes (automotive seating, insulation for refrigerating appliances) etc.
Founded in 1950 in Columbus, Ohio, by Donald G. Dunn and family, Plaskolite, LLC is the largest privately owned North American manufacturer of see-through thermoplastic sheet products. Plaskolite’s customized products are used in a wide variety of applications, including windows, doors, lighting, signs, point-of-purchase displays and bath products. Plaskolite serves a diverse customer base including distributors, OEMs and retailers. In 2015, Charlesbank Capital Partners became the first outside equity investor in Plaskolite.
MRC