US specialty polymers company PolyOne has bought certain thermoplastic elastomer (TPE) technologies and assets from Kraton Performance Polymers for $72 million.

The two companies have also signed a supply agreement for which Kraton will provide PolyOne certain raw materials used in production for the acquired business.

The technologies serve new and fast growing applications in adhesive and removable protective films, adding to those already serviced by PolyOne which include packaging, medical devices and personal care products.

Kevin Fogarty, president and CEO of Kraton, said the deal allows PolyOne and Kraton to focus on their core competencies and help customers with new and unique solutions that differentiate them in the marketplace.

Separately, PolyOne has announced plans to close its engineered thermoplastics facility in Wichita, Kansas, USA. This latest closure is part of PolyOne’s effort to adjust its manufacturing footprint, according to CEO Robert Patterson.

No further details were provided on when the plant would close or how many jobs would be affected. However, Patterson said PolyOne would begin to see cost benefits from the closure in the second half of this year.

The Wichita facility was formerly owned by Spartech, which PolyOne acquired in 2013. PolyOne has shut a number of Spartech plants since the acquisition.