PolyOne Corp. (NYSE: POL) will buy Spartech (NYSE: SHE)for $393 million.
Spartech, headquartered in Clayton, Mo., makes plastic sheet, compounds and packaging. Shareholders will receive $2.67 in cash and about 0.3 shares of PolyOne common stock per share of Spartech stock through the deal.
The total price includes PolyOne’s assumption of $142 million of Spartech’s debt.
The buyer, based in Avon Lake, Ohio, makes specialty polymer materials.
James Dougherty, Michael Solecki and Rachel Rawson of Jones Day advised PolyOne on the deal.