PolyOne Corp. (Avon Lake, OH) has acquired custom thermoplastics compounder New England Urethane (NEU; North Haven, CT), for $12 million, approximately 4.9 times the company’s estimated 2009 EBITDA. In addition to specialty cable and electronics/telecom compounds, NEU has a substantial amount of business in the medical device market, including antimicrobial additives, radiopacifiers, medical grades of various plastics, and FDA USP Class VI Materials and ISO 9001:2000 certifications. Craig Nikrant, VP and general manager of Specialty Engineered Materials at PolyOne, said the acquisition will expand the company’s healthcare product offerings. Robert M. Patterson, Sr. VP and CFO at PolyOne said the acquisition is part of a larger market-specific investment strategy at the firm. “This acquisition illustrates our commitment to investing in and growing our specialty platform, and more specifically our healthcare business, which we have said publicly is a focus market for PolyOne.”
NEU was founded in 1988 by Joseph Martucci, Robert Maler, and Curtis Smith, who remain the principals at the business today. The company’s FDA USP Class VI resins and additives are compounded for a variety of applications, including catheters, endoscopes, laproscopes, luer connectors, IUDs, and fittings. Medical compounds are available in nylon, polyethylene, polypropylene, thermoplastic urethane, acrylonitrile butadiene styrene, polycarbonate, and polyethylene terephthalate, among others. In August 2005, NEU announced it was considering the addition of three twin-screw extrusion lines to its existing four units, shortly after moving into a new, expanded 17,000-ft2 facility.
In a discussion at the COMPAMED show in Düsseldorf, Germany in November, PolyOne officials told PlasticsToday the company was currently reformulating its Trilliant HC (health care) line, including the application of regulatory requirements (USP Class VI, ISO 10993, FDA), as well as the FDA’s current Good Manufacturing Practices (cGMP) for medical devices (see story here.) — [email protected]