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A. Schulman to buy Citadel Plastics Holdings Inc for $800 million

A. Schulman Inc. said it would acquire Citadel Plastics Holdings Inc. for $800 million to expand its specialty business that makes moldable plastics. Private equity firms HGGC and Charlesbank Capital Partners own Citadel, which makes thermoplastic polymers and thermoset plastics. Citadel operates 21 factories across the globe, including 10 factories in the United States and Canada. A. Schulman Chief Executive Bernard Rzepka said, “Their product offering… presents attractive expansion opportunities in other fast growing sectors such as aerospace, medical, LED lighting and oil & gas”.

A. Schulman expected the deal to raise its earning in the first 12 months of ownership.