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The Engineered Films Group of PolyOne Corporation, formerly O’Sullivan Films, was a leading manufacturer of customized, high-performance polymer films. Materials were used in diverse applications, including automotive instrument and door panels, flooring, wall coverings, notebook covers and pool liners. The Company’s primary manufacturing facilities and headquarters remain in Winchester Virginia.
PolyOne Corporation (NYSE: POL) made the decision to divest the Division and provided management with the opportunity to acquire the business unit. Though the opportunity for management was quite attractive, the Division was in the midst of a turnaround, which created challenges in arranging the financing for the buy-out.
Ultimately, the financing was arranged and in January 2006, Jeff Moore (principal of RTK Family Capital) and friends co-invested with management and the seller to effect the management buy-out of O’Sullivan Films. The Company grew to become North America’s leading supplier of single-ply vinyl and thermoplastic olefin sheeting to the automotive industry for instrument panels, and premier producer of film for applications ranging from building products to medical products.
The Company was ultimately sold to Konrad Hornschuch AG (“KH”) of the Hornschuch Group in Weissbach, Germany. As a result of the significant synergies, congruent cultures, and the agreement by KH to invest substantial resources to expand the operation, the shareholders of O’Sullivan rejected an offer from an alternative suitor that incorporated substantially more cash at closing.
The Company continues to be led by many of the original management team members and has significantly increased its employee base.
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