PolyOne to buy Glasforms for $34 million
PolyOne Corp., which makes resins used in plastic pipe and other products, said Thursday that it is buying privately held Glasforms Inc. for $34 million.
Glasforms makes advanced composite products for the electrical, telecom and energy industries. PolyOne said the company will continue to operate from its Birmingham, Ala., location.
Peter Pfaff, founder and president of Glasforms, will stay with the company along with other members of management. Glasforms has about 300 employees.
PolyOne, based in Cleveland, expects the acquisition will help boost 2013 earnings.
Shares of PolyOne rose 10 cents to $20.14 in midday trading.