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PolyOne Corporation, a global provider of specialized polymer materials, services and solutions, announces the acquisition of Magenta Master Fibers, a developer of specialty solid color concentrates for the global fiber industry.
PolyOne purchased Magenta from BASF for $22 million, which represents a multiple of 6.8x EBITDA. The acquisition is expected to add $16 million to revenues and be accretive to earnings in 2016. Magenta's solutions span a wide range of uses, including clothing and apparel, outdoor equipment, high-performance products and multiple materials used in the transportation industry. And consistent with the megatrend of improving health and wellness, additional textile growth opportunities include applications within the hygiene, healthcare and medical markets.With operations in Milan and Shanghai, 65 percent of Magenta revenues are outside of North America. Magenta will operate within PolyOne's Global Color, Additives and Inks segment, which last month unveiled its revolutionary new ColorMatrix Fiber Colorant Solutions that provide late-stage color injection in fiber applications utilizing liquid solutions. More information: www.polyone.com