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PolyOne Opens First Office in India

Published on 2006-12-26. Author : SpecialChem

CLEVELAND -- PolyOne Corporation (NYSE: POL), a leading global provider of specialized polymer materials, services and solutions, has entered the fast-growing Indian market with the opening of a business development office in Mumbai. This move is another step toward the Company's goal to significantly and rapidly expand its global business outside North America.

"PolyOne has entered India to support our global customers, who want us there as they expand in this region, and to develop new opportunities within this market," said Bernard Baert, senior vice president and general manager, International Colors and Engineered Materials. "Our full range of vinyl and engineered compounds and color additives will find attractive new uses in this rapidly growing part of the world."

A core component of PolyOne's strategy is to enlarge its global footprint. The Company has stated that by 2010, it expects to generate 30 percent of its revenues outside North America. In 2005, PolyOne opened its third compounding facility in southern China, and the Company already has invested to expand the plant's capacity. In addition, PolyOne is building a color compounding plant in Poland, where it expects to begin operations in the second quarter of 2007.

In October 2006, PolyOne announced that it had signed a definitive agreement to acquire 95 percent of the vinyl compounding assets and operations of Ngai Hing PlastChem Company Ltd., a subsidiary of Ngai Hing Hong Company Limited. The transaction is expected to close during the first half of 2007, pending completion of Stock Exchange of Hong Kong requirements, approval by governmental authorities and other customary closing conditions.

About PolyOne

PolyOne Corporation, with 2005 annual revenues of approximately $2.5 billion, is a leading global provider of specialized polymer materials, services and solutions. Headquartered in northeast Ohio, PolyOne has operations in North America, Europe, Asia and Australia, and joint ventures in North America and South America.

Forward-looking Statements

In this press release, statements that are not reported financial results or other historical information are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward- looking statements give current expectations or forecasts of future events and are not guarantees of future performance. They are based on management's expectations that involve a number of business risks and uncertainties, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. You can identify these statements by the fact that they do not relate strictly to historic or current facts. They use words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," and other words and terms of similar meaning in connection with any discussion of future operating or financial performance and/or revenues expected to be generated outside of the U.S. In particular, these include statements relating to future actions; prospective changes in raw material costs, product pricing or product demand; future performance, including, without limitation, meeting cash flow goals, receiving cash distributions from equity affiliates and achieving working capital targets; results of current and anticipated market conditions and market strategies; sales efforts; expenses; the outcome of contingencies such as legal proceedings; and financial results. Factors that could cause actual results to differ materially include, but are not limited to:

  • the effect on foreign operations of currency fluctuations, tariffs, nationalization, exchange controls, limitations on foreign investment in local businesses and other political, economic and regulatory risks;
  • changes in polymer consumption growth rates within the U.S., European, or Asia or other countries where PolyOne conducts business;
  • changes in global industry capacity or in the rate at which anticipated changes in industry capacity come online in the polyvinyl chloride (PVC),chlor-alkali, vinyl chloride monomer (VCM) or other industries in which PolyOne participates;
  • fluctuations in raw material prices, quality and supply and in energy prices and supply, in particular fluctuations outside the normal range of industry cycles;
  • production outages or material costs associated with scheduled or unscheduled maintenance programs;
  • costs or difficulties and delays related to the operation of joint venture entities;
  • lack of day-to-day operating control, including procurement of raw materials, of equity or joint venture affiliates;
  • partial control over investment decisions and dividend distribution policy of the OxyVinyls partnership and other minority equity holdings of PolyOne;
  • an inability to launch new products and/or services within PolyOne's various businesses;
  • the possibility of further goodwill impairment;
  • an inability to maintain any required licenses or permits;
  • an inability to comply with any environmental laws and regulations;
  • the cost of compliance with environmental laws and regulations, including any increased cost of complying with new or revised laws and regulations;
  • unanticipated developments that could occur with respect to contingencies such as litigation and environmental matters, including any developments that would require any increase in our costs and/or reserves for such contingencies;
  • an inability to achieve or delays in achieving or achievement of less than the anticipated financial benefit from initiatives related to cost reductions and employee productivity goals;
  • a delay or inability to achieve targeted debt level reductions;
  • an inability to access the receivables sale facility as a result of breaching covenants due to not achieving anticipated earnings performance or for any other reason;
  • any poor performance of our pension plan assets and any obligation on our part to fund PolyOne's pension plan;
  • any delay and/or inability to bring the North American Color and Additives Masterbatch and the Engineered Materials product platforms to profitability;
  • an inability to raise prices or sustain price increases for products;
  • an inability to maintain appropriate relations with unions and employees in certain locations in order to avoid disruptions of business, including the current work stoppage at our Avon Lake, Ohio, production facility;
  • other factors affecting our business beyond our control, including, without limitation, changes in the general economy, changes in interest rates and changes in the rate of inflation;
  • changes in foreign growth polymer consumption growth rates;
  • timing of completion of acquisitions, including the acquisition of Ngai Hing PlastChem Company;
  • and the future financial performance of acquisitions, including the acquisition of Ngai Hing PlastChem Company.

We cannot guarantee that any forward-looking statement will be realized, although we believe we have been prudent in our plans and assumptions. Achievement of future results is subject to risks, uncertainties and inaccurate assumptions. Should known or unknown risks or uncertainties materialize, or should underlying assumptions prove inaccurate, actual results could vary materially from those anticipated, estimated or projected. Investors should bear this in mind as they consider forward-looking statements.

We undertake no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise. You are advised, however, to consult any further disclosures we make on related subjects in our reports on Form 10-Q,8-K and 10-K provided to the Securities and Exchange Commission. You should understand that it is not possible to predict or identify all risk factors. Consequently, you should not consider any list to be a complete set of all potential risks or uncertainties.

Source: PolyOne Corporation


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