AVON LAKE — PolyOne Corp. announced Wednesday it spent

$12 million to acquire New England Urethane Inc., a company that deals in specialty health care engineered materials.

“This acquisition illustrates our commitment to investing in and growing our specialty platform and more specifically our healthcare business which … is a focus market for PolyOne,” Robert Patterson, senior vice president and chief financial officer, said in a news release.

PolyOne, an international company, provides specialized polymer materials, services and solutions and reported revenues of $2.7 billion in 2008.

NEU provides high performance engineered thermoplastics, services and solutions to the health care market.

They offer a wide array of services including research and development, pre-coloring, alloys and blends and product development among others, the news release.

PolyOne’s Web site reports 14 different products ranging from vinyl powder coating to screen printing to bio-related products.

PolyOne expects NEU to grow its 2010 earnings by adding about a penny to earnings per share, Patterson said.

Wednesday’s news comes after a year in which the company cut expenses in the face of the global recession. At the beginning of 2009 PolyOne laid off 8 percent of its global work force including 30 employees at the Avon Lake location.

The company cut a total of 370 positions worldwide in January.

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