World-renowned global supplier of specialized polymer materials, services and solutions, PolyOne Corporation recently proclaimed that it has acquired Gordon Holdings’ two specialty businesses, including Gordon Composites and Polystrand. The two businesses are involved in designing and manufacturing of advanced, lightweight, high-functioning solutions that use modern composite technology and unconventional manufacturing facilities.
The new platform formed with the procurement of the two businesses will be dubbed PolyOne Advanced Composites.
Gordon Composites produces high-potency profiles and laminates that are used in sports and recreation instruments, office furniture systems, vertical and crossbow archery, and prosthetics. Thus, its acquisition strengthens PolyOne’s current set of thermoset composite solutions.
On the contrary, Polystrand deals in continuous fortified thermoplastic composite technology, which is a ground-breaking material science ensuring lightweight and high potency features of composites. These are then improved with design flexibility which allows for more complex shapes. The application usage at present comprises materials for transportation, security and protection sectors, outdoor, and aerospace.
Craig Nikrant, PolyOne Corporation’s president, Specialty Engineered Materials, said, “We also have now immediately established PolyOne as a leading innovator and producer of continuous reinforced thermoplastic composite technology. We expect this technology to become a platform of the future for companies whose products demand strength and design flexibility.”
Gordon Holdings, Inc.’s chairman and president, Mike Gordon affirmed, “We searched for the perfect home as we looked to the future of our businesses – in a global company that shared our passion for customer service. PolyOne was the clear, best choice. It’s a highly-respected company where our aspirations, ideals, and innovation can flourish, and we can continue to push the limits of composite material science and its many potential uses.”
PolyOne purchased the two businesses for $85.5 million, which comprises all assets belonging to the two businesses, such as trademarks, production assets, and intellectual property. In return, the company hopes for $40 million additional revenue and increased earnings in 2017.
PolyOne Corporation’s Robert M. Patterson, chairman, president, and chief executive officer, said, “I’m extremely pleased to have these two great businesses and their employees join the PolyOne team. As we invest in these businesses and leverage our commercial and operational excellence, our PolyOne Advanced Composites group will play an important role in achieving our 2020 Platinum Vision.”