A. Schulman buying Citadel Plastics for $800 million to expand specialty plastics business

IndustriesAssociated Press

Plastic compounds and resins supplier A. Schulman is buying Citadel Plastics Holdings for $800 million, expanding its specialty plastics business.

Citadel, based in West Chicago, Illinois, is a privately-held portfolio company of private equity firms HGGC and Charlesbank Capital Partners. It makes specialty plastic compounds for industries ranging from transportation and construction to energy and electronics and had about $524 million in revenue in 2014, according to a statement from A. Schulman.

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A. Schulman Inc., based in Akron, Ohio, expects the deal to close during its third-quarter. The company has completed 10 acquisitions and formed three joint ventures since 2010 as part of its strategy to expand its product portfolio and geographic reach.