"I am extremely pleased to announce we've reached an agreement to acquire ColorMatrix, an exceptional and unique specialty company, said Stephen D. Newlin, chairman, president and CEO of PolyOne. "Much like our acquisition of GLS in 2008, ColorMatrix is a game-changer for PolyOne. With the addition of ColorMatrix, more than 50 % of PolyOne's operating income will now be derived from our specialty businesses, compared to only 2 % in 2005. ColorMatrix is a manufacturer of specialty additives, liquid colourant and dosing technologies that serve diverse niche markets, such as rigid beverage and food packaging, performance moulding and fibres. The company helds 162 patents and 107 pending applications worldwide. Further, ColorMatrix is also a provider of colourants for fluoropolymers and provides speciality additives for fluoropolymers. Through its April 2011 acquisition of Gayson (now GSDI), ColorMatrix expanded its portfolio to include short turnaround, custom colour dispersions used in silicone processing for medical, consumer and automotive applications. ColorMatrix achieved sales and EBITDA of approximately USD 196.8 million and USD 43.6 million respectively for the 12 months ended June 30, 2011. Approximately 70 % of ColorMatrix's revenues are outside North America. PolyOne intends to finance the purchase price of USD 486 million, which includes transaction tax benefits of USD 10 million, with a combination of cash on hand and the addition of approximately USD 300 million of long term debt. This acquisition is subject to regulatory approvals and is expected to close late this year.