Ohio Company Acquires Clayton-based Spartech Corp.

CLAYTON – Plastic maker Spartech Corp. is being acquired by PolyOne Corp, a Cleveland-based competitor, for $393 million.

The sale, is expected to close in early 2013, pending regulatory approval and approval from Spartech’s shareholders. Spartech shareholders will receive cash and stock valued at $8 per Spartech common share, the companies said in a statement. The deal also includes the assumption of Spartech’s net debt that totals $142 million.

The sale announcement sent Spartech’s stock up more than 60 percent compared with yesterday’s closing, to $8.26 a share in afternoon trading.

Read more on St. Louis Business Journal.

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