PolyOne Corp. (POL) announced that Spartech shareholders have approved the merger agreement pursuant to which PolyOne will acquire Spartech Corp. (SEH).
PolyOne announced the agreement to acquire Spartech Corporation on October 24, 2012. The transaction will be officially completed on March 13, 2013.
PolyOne said that with the acquisition of Spartech, it will make changes to its segment structure and the company's Specialty Platform will now have three reportable segments: Global Color, Additives and Inks, Global Specialty Engineered Materials, and a newly formed segment named Designed Structures and Solutionsor DSS.
DSS will be comprised of Spartech's former Custom Sheet and Rollstock and Packaging Technologies businesses. Spartech's Color & Specialty Compounds business will be integrated into PolyOne's Global Color, Additives & Inks, Global Specialty Engineered Materials, and Performance Products & Solutions segments. Use of the Spartech name will discontinue.
PolyOne also announced that it has appointed Julie A. McAlindon as senior vice president, president of Designed Structures and Solutions.
In addition, Vicki Holt, president and CEO of Spartech Corporation, has announced she will be leaving the company, following a 30-day transition period to help launch the commencement of integration efforts.
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