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PolyOne Completes Sale of Elastomers & Performance Additives

Published on 2004-08-10. Author : SpecialChem

 

CLEVELAND -- PolyOne Corporation (NYSE: POL) announced that it has completed the sale of its Elastomers and Performance Additives business to an entity formed by an investor group led by Lion Chemical Capital LLC and ACI Capital Co., Inc. The parties reported in June that they had reached a definitive agreement.

PolyOne received gross proceeds before associated fees and costs of approximately $120 million, of which $106 million was paid in cash and $14 million in the form of a note from the buyer. This price is within PolyOne's range of estimates for the sale of the Elastomers unit.

PolyOne announced last October that, as part of its efforts to improve profitability and strengthen its balance sheet, it would divest its Elastomers and Performance Additives, Engineered Films and Specialty Resins businesses. As a result, the Company began reporting these business units as discontinued operations in the fourth quarter of 2003.

About PolyOne

PolyOne Corporation, with 2003 annual revenues of approximately $2 billion, is an international polymer services company with continuing operations in thermoplastic compounds, specialty polymer formulations, color and additive systems, and thermoplastic resin distribution. Headquartered in northeast Ohio, PolyOne has employees at manufacturing sites in North America, Europe, Asia and Australia, and joint ventures in North America, South America and Asia.

Source: PolyOne


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