PolyOne Corporation, a global provider of specialized polymer materials, services and solutions, has completed the previously announced sale of its Designed Structures and Solutions (DSS) business, which includes sheet, rollstock and packaging assets, to Arsenal Capital Partners for $115 million.

"We are pleased to have completed the divestiture of DSS and that Arsenal is in position to lead the next phase of its transformation," said Robert M. Patterson, chairman, president and chief executive officer, PolyOne Corporation.

"Proceeds from the sale have been used to fund the recent acquisitions of Rutland and Mesa, which bolster our specialty color, additives and inks offerings," added Mr. Patterson.  "These acquisitions fit right into our sweet spot where we can add commercial and operational excellence resources to accelerate innovation and growth for our customers, employees and shareholders."

Additional details and commentary on the divestiture, as well as the recent acquisitions of Rutland and Mesa, will be provided on the company's second quarter 2017 conference call.

Serving as financial advisor to PolyOne on the transaction was William Blair, and Jones Day served as legal advisor.