PolyOne Corporation has purchased for $486 million ColorMatrix Group, Inc., a manufacturer of specialty additives, liquid colorants and dosing technologies that serve diverse niche markets, such as rigid beverage and food packaging, performance molding and fiber.

Based in Berea, Ohio, ColorMatrix provides colorants for fluoropolymers and provides specialty additives that support fluoropolymers' unique high-performance properties such as lubricity, high-level heat insulation, static dissipation and x-ray opaqueness, the company said. Through its April 2011 acquisition of Gayson, ColorMatrix expanded its portfolio to include short turnaround, custom color dispersions used in silicone processing for a broad range of medical, consumer and automotive applications.

ColorMatrix achieved sales and EBITDA of approximately $196.8 million and $43.6 million respectively for the 12 months ended June 30, 2011.

"Not only will the acquisition of ColorMatrix accelerate our specialization strategy, it also expands our geographic presence in Asia and Brazil and creates an entry point into Russia," said Robert Patterson, executive vice president and chief financial officer. Approximately 70 percent of ColorMatrix's revenues are outside North America.

Headquartered in Cleveland, Ohio, PolyOne Corporation reported revenues of $2.6 billion in 2010.