A. Schulman Inc. (SHLM) announced that it has purchased McCann Color Inc., a producer of color concentrates, based in North Canton, Ohio, for less than $10 million in cash.
McCann Color serves customers from its North Canton facility. The facility will complement A. Schulman's existing masterbatch manufacturing and product development facilities in Akron, Ohio, and San Luis Potosi, Mexico.
The company also decided to close its Polybatch Color Center located in Sharon Center, Ohio and will consolidate production to the McCann facility in North Canton. The consolidation and the acquisition integration are expected to be completed by the end of the company's current fiscal year, August 31, 2010.
Including the acquisition and the Sharon Center restructuring, A. Schulman expects to show an annual operating income improvement of $2 million to $3 million, of which the full effect will be realized in fiscal 2011.
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