PolyOne Acquires Rutland Holdings Company
Plans to continue marketing the Rutland, Union, QCM, and Printop brands.
On June 8, PolyOne Corporation announced the acquisition of Rutland Holding Company, expanding PolyOne's portfolio of inks and additives for apparel decoration. Terms of the transaction were not disclosed; a press release stated that Rutland would be immediately accretive to PolyOne’s earnings.
"PolyOne is a trusted resource for dynamic and innovative industries where color serves as the ultimate expression of consumer preference," says Robert Patterson, CEO of PolyOne, in the release. "This recent investment is a natural extension of all that we do in color – from InVisio design services to additive technologies that enhance product performance beyond their appearance."
The acquisition continues a trend of consolidation among manufacturers of textile ink manufacturers dating back nearly 20 years. In 1998, Geon purchased the Wilflex division of Flexible Products, the Georgia company that invented plastisol inks and brought them to market in the early 1960s. Geon merged with M.H. Hanna in 2000 to form PolyOne, a global provider of specialty polymers and services with more than 60 manufacturing facilities and 2016 sales of $3.3 billion.
Headquartered in Pineville, North Carolina, Rutland had been pursuing its own consolidation strategy beginning with its 2006 acquisition of Union Ink, a New Jersey ink manufacturer that dated back to 1931. Rutland later acquired QCM of Kent, Washington, in 2011, then the Peruvian ink manufacturer Printop the following year. PolyOne plans to continue marketing all four of these brands as well as its Wilflex products, based on customer specification and preference, according to the release.
"Color and technology play an increasingly pivotal role for our customers in the apparel industry who have demanding performance expectations for how products look and feel," says Patterson. "We have long distinguished ourselves in the industry as more than just a product provider, and we are thrilled to welcome Rutland to the PolyOne family as they share our passion for innovation and customer service."
The company said that the transaction will be discussed in more detail on its second quarter earnings call.