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ICO Announces Agreement With Chroma Corporation for Rotational Molding Business

Published on 2009-06-23. Author : SpecialChem

Houston -- ICO, Inc, global producer of custom polymer powders and plastic film concentrates, 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.

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.

Forward Looking Statements

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.

Source: ICO


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