Industry News

Noveon Announces Sale of Solvent-Based Polyurethane Product Line to Soluol, Inc.

Published on 2004-02-03. Author : SpecialChem

Noveon, Inc. announced that it has completed the divestiture of certain solvent-based polyurethane products produced in Leominster, Mass., to Soluol, Inc.

The acquired products will be integrated into existing Soluol product lines. Kees Verhaar, Noveon's VP and General Manager, Performance Coatings, commented "The divestiture of these solvent-based products is related to the Company's recently announced multimillion dollar expansion of our water based polyurethane coating products at Avon Lake, Ohio. Water based polyurethane products are the fastest growing segment of the industry. Noveon chose to divest the solvent-based products rather than relocate them, to focus on our successful water-based polyurethane business."

Soluol and Noveon will work closely together during the next several months to assure a smooth transition.

Noveon is a leading global producer and marketer of technologically advanced specialty chemicals for a broad range of consumer and industrial applications with revenues in 2002 of $1.1 billion. Noveon is headquartered in Cleveland, Ohio, with regional centers in Brussels, Belgium, and Hong Kong.

This release contains forward-looking statements that relate to future events or performance. These statements reflect the Company's current expectations, and the Company does not undertake to update or revise these forward-looking statements, even if experience or future changes make it clear that any projected results express or implied in this or other Company statements will not be realized. Furthermore, investors are cautioned that these statements involve risks and uncertainties, many of which are beyond the Company's control, which could cause actual results to differ materially from the forward-looking statements. Further information about these risks can be found in the Company's filings with the Securities and Exchange Commission.

Investors are cautioned not to place undue reliance on any forward-looking statements contained herein, which speak only of the date hereof. The Company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Source: Noveon, Inc.

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