Specialty chemical maker A. Schulman Inc said it would purchase privately held Citadel Plastics Holdings Inc for $800 million to expand its specialty business that makes moldable plastics.Citadel Plastics, owned by private equity firms HGGC and Charlesbank Capital Partners, makes thermoplastic polymers and thermoset plastics.Thermoplastics, which melt when heated and then set to a solid state when cooled, are used in cookware, medical devices, toys and plastic bottles. Thermoset plastics can only be heated and shaped once and are used in electric insulators and fittings, adhesives and laminates.Citadel operates 21 factories across the world, including 10 thermoplastic factories and seven thermoset factories in the United States and Canada.
A. Schulman, Inc. is a supplier of plastic compounds, resins and services. Shares of SHLM fell by 0.61% or $-0.26/share to $42.06. In the past year, the shares have traded as low as $28.67 and as high as $43.21. On average, 152600 shares of SHLM exchange hands on a given day and today's volume is recorded at 142077.
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