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LyondellBasell will acquire A. Schulman for a total consideration of US$2.25 billion.
LyondellBasell will acquire A. Schulman for a total consideration of US$2.25 billion.

LyondellBasell and A. Schulman, Inc., a leading global supplier of high-performance plastic compounds, composites and powders, announced that they have entered into a definitive agreement. LyondellBasell will acquire A. Schulman for a total consideration of US$2.25 billion.

The acquisition builds upon LyondellBasell's existing platform in this space to create a premier Advanced Polymer Solutions business with broad geographic reach, leading technologies and a diverse product portfolio.

LyondellBasell will purchase 100% of A. Schulman common stock for US$42 per share in cash and one contingent value right per share and assume outstanding debt and certain other obligations.

LyondellBasell is using cash-on-hand to finance the acquisition. LyondellBasell expects to achieve US$150 million in run-rate cost synergies within two years. Further, the acquisition is expected to be accretive to earnings within the first full year following close.

The combined businesses had revenues of US$4.6 billion and adjusted EBITDA of US$446 million over the last 12 months.

The proposed acquisition, which has been unanimously approved by the respective boards of LyondellBasell and A. Schulman, is subject to customary closing conditions, including regulatory approvals and approval by A. Schulman shareholders. The acquisition is expected to close in the second half of 2018.

"The acquisition of A. Schulman is a natural extension of our current platform. This combination will allow us to provide our customers with a wider range of innovative solutions while adding the ability to serve high-growth end markets beyond the automotive sector, such as packaging and consumer products, electronics and appliances, building and construction, and agriculture," said Bob Patel, Chief Executive Officer of LyondellBasell.

"LyondellBasell not only shares our commitment to meeting customers' demanding requirements, but with its scale and resources, the combined business will be better positioned to address a broader range of customer needs by integrating across applications and offering customers a wider range of solutions in attractive and growing markets," said Joseph M. Gingo, Chairman, President and Chief Executive Officer of A. Schulman, Inc.

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