PolyOne, a global provider of specialised polymer materials, has entered into an agreement to acquire US-based ColorMatrix, a manufacturer of specialty liquid colorants, additives and fluoropolymers.
The transaction involves the purchase price of $486m, which includes transaction tax benefits of $10m, with a combination of cash in hand and the addition of approximately $300m of long term debt.
The purchase price is based on customary working capital adjustment and other closing conditions, the company said.
The acquisition is subject to regulatory approvals and is expected to close later in 2011.
