Plaskolite LLC, one of North America’s largest manufacturers of acrylic sheet products, has acquired the North American polycarbonate sheet manufacturing business of Covestro, a manufacturer of high-tech polymer materials.
As a part of the transaction, Plaskolite will acquire the sheet headquarters, production sites, and warehouse facilities in Sheffield, Mass., and will maintain the existing third-party distribution warehouse facility in Hebron, Ohio. With this acquisition, which is expected to close Aug.1, 2018, the company will employ 950 people.
“This acquisition is transformational for Plaskolite and strengthens our industry leadership position,” said Mitchell Grindley, the company’s president and CEO. “It broadens our offering and further strengthens our partnerships.
“Plaskolite will be the only manufacturer to offer a complete clear sheet product portfolio, including acrylic, polycarbonate, PETG (polyethylene terephthalate), and ABS (acrylonitrile butadiene styrene), which is a benefit to customers who can now turn to one source for all their sheet needs.”
This will be the second business the company has acquired from Covestro, a Bayer spin off formed in the fall of 2015, and formerly Bayer MaterialScience. In 2012, Plaskolite purchased its North American Vivak line of PETG sheet. Covestro’s corporate headquarters is located in Leverkusen, Germany.
This announcement follows Plaskolite’s acquisition of the continuous cast acrylic sheet business of Lucite International Inc., in February, which broadened its acrylic sheet offering and provided an entrée into the hot tub/spa business.