ICO Announces Agreement With Chroma Corporation for Rotational Molding Business
June 22 2009 - 5:00PM
PR Newswire (US)
HOUSTON, June 22 /PRNewswire-FirstCall/ -- ICO, Inc. (NASDAQ:ICOC),
global producer of custom polymer powders and plastic film
concentrates, today announces that its ICO Polymers North America
division has signed an agreement to acquire certain assets and
business of a division of Illinois-based Chroma Corporation that
provides products and services to the rotational molding industry.
The parties expect to close the transaction on July 1, 2009. (Logo:
http://www.newscom.com/cgi-bin/prnh/20030509/ICOCLOGO) Chroma, a
manufacturer of thermoplastic compounded raw materials, offers its
customers a broad range of color for thermoplastics. Eric Parsons,
President of ICO Polymers North America, stated: "Chroma is a
longstanding and respected player in the color world, highly
regarded for their technology and innovation. We have been doing
business with Chroma for many years, and therefore we are very
familiar with Chroma's excellent customer service and quality. We
are honored that Chroma has chosen ICO Polymers to carry on many of
its rotational molding activities and we are committed to serving
their customers well." The acquisition is expected to strengthen
ICO's position in the rotational molding industry, and bring
additional specialty products to ICO's portfolio. The new business
and customers resulting from the transaction will be serviced
through existing ICO Polymers locations in the United States. About
ICO, Inc. With 20 locations in 9 countries, ICO produces custom
polymer powders for rotational molding and other polymer related
businesses, such as the textile, metal coating and masterbatch
markets. ICO remains an industry leader in size reduction,
compounding and other tolling services for plastic and non-plastic
materials. ICO's Bayshore Industrial subsidiary produces specialty
compounds, concentrates and additives primarily for the plastic
film industry. Additional information about ICO, Inc. can be found
on the Company's website at http://www.icopolymers.com/. Contact:
CFO - Bradley T. Leuschner at 713-351-4100. Certain matters
discussed in this press release are "forward-looking statements,"
involving certain risks, uncertainties, and assumptions, intended
to qualify for the safe harbors from liability established by the
Private Securities Litigation Reform Act of 1995. The Company's
statements regarding the proposed transaction and its timing and
effects are examples of such forward-looking statements. The
following is a nonexclusive list of risks and uncertainties that
could cause the forward-looking statements not to be true:
integration of acquired businesses, failure of closing conditions
to be satisfied, restrictions imposed by the Company's outstanding
indebtedness; changes in the cost and availability of resins
(polymers) and other raw materials; general economic conditions;
demand for the Company's services and products; business cycles and
other industry conditions; international risks; operational risks;
currency translation risks; the Company's lack of asset
diversification; the Company's ability to manage inventories,
develop technology and proprietary know-how, and attract and retain
key personnel; as well as other factors detailed in the Company's
form 10-K for the fiscal year ended September 30, 2008 and its
other filings with the Securities and Exchange Commission. Should
one or more of these risks or uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may vary
materially from those indicated. Any forward-looking statements are
made only as of the date of this press release, and the Company
undertakes no obligation to publicly update any such
forward-looking statements to reflect subsequent events or
circumstances.
http://www.newscom.com/cgi-bin/prnh/20030509/ICOCLOGO
http://photoarchive.ap.org/ DATASOURCE: ICO, Inc. CONTACT: Bradley
T. Leuschner, CFO of ICO, Inc., +1-713-351-4100 Web Site:
http://www.icopolymers.com/
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