PolyOne Completes Sale of Non-Core Resin Assets to Mexichem
June 5, 2013
PolyOne Corporation, a provider of specialized polymer materials, services and solutions, has completed the previously announced sale of its vinyl dispersion, blending and suspension resin assets to Mexichem, S.A.B. de C.V. for $250 million in cash.
PolyOne expects after-tax proceeds of approximately $150 million and to recognize an after-tax gain on sale of approximately $140 million.
The sale of PolyOne's last remaining resin production assets marks an important milestone in the company's ongoing specialty transformation that began in 2006.
"This was a natural next step in the evolution of our portfolio and ultimate vision for PolyOne," said Stephen D. Newlin, chairman, president and chief executive officer, PolyOne Corporation. "Now more than ever, we are focused on our core business of specialty solutions and unique formulations where we believe we can generate the most value for our customers, associates and shareholders."
Assets transferred in the sale were strictly those related to resin production and included manufacturing plants in Pedricktown, New Jersey; Henry, Illinois; and a resin research facility in Avon Lake, Ohio. PolyOne continues to own and operate its Geon Performance Materials and Specialty Coatings businesses, which produce vinyl-based formulations, plastisols and powder coatings marketed under the respected and trusted GeonT brand name.
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