PolyOne completes $250 million deal with Mexichem

CRAIN'S CLEVELAND BUSINESS

Published: May 31, 2013 1:42 pm ET
Updated: May 31, 2013 1:44 pm ET

Related to this story

Topics Materials, Mergers & Acquisitions, Materials Suppliers
Companies & Associations PolyOne Corp.

AVON LAKE, OHIO — PolyOne Corp. said it 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.

The producer of polymer materials said it expects after-tax proceeds of about $150 million and to recognize an after-tax gain on the sale of approximately $140 million.

PolyOne said the sale of its 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 CEO, said in a news release. "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."

PolyOne said assets transferred in the sale were strictly those related to resin production and included manufacturing plants in Pedricktown, N.J.; Henry, Ill.; and a resin research operation in Avon Lake. PolyOne said it 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 Geon brand name.


Comments

PolyOne completes $250 million deal with Mexichem

CRAIN'S CLEVELAND BUSINESS

Published: May 31, 2013 1:42 pm ET
Updated: May 31, 2013 1:44 pm ET

Post Your Comments


Back to story


More stories

Image

China's biggest fuel tank maker getting a US foothold

April 23, 2014 4:41 pm ET

The majority owner of China's biggest fuel tank maker is expanding its global automotive footprint with the acquisition of the fuel tank unit of...    More

Image

China's Shide Group, BASF unveil 'revolutionary' all-plastic window profile

April 23, 2014 9:10 pm ET

SHANGHAI — The PVC window profile market in Asia is expected to increase four-fold by 2025, and Chinese building products maker Dalian Shide...    More

Worker dies in fall at Formosa Texas plant

April 23, 2014 4:04 pm ET

A subcontractor died April 22 after falling 25 feet during routine cleaning operations at a Formosa Plastics Corp. USA facility in Point Comfort,...    More

Image

Milliken expanding SC plant for additional PP clarifying agent capacity

April 23, 2014 3:42 pm ET

American chemical company Milliken & Co. has announced plans for a major expansion in capacity for its Millad NX8000 clarifying agent for...    More

Clariant says Asia holds the key to growth

April 23, 2014 3:52 pm ET

Clariant AG is based in Switzerland, but its eyes are firmly focused further east.    More

Market Reports

Market Data Book - Rankings & Lists

A one-stop download of Plastic News' exclusive annual lists and processor rankings containing essential data including sales, employees, end markets, materials and more.
EXCLUSIVE EXCEL FEATURE: full mailing address details for available plant locations.

Learn more

Thermoformed Packaging 2014 Market Review & Outlook North America

This in-depth report provides analysis and discussions of economic and political conditions, market trends, legislative/regulatory activity impacting supply and demand, business opportunities and threats, materials pricing, manufacturing technology, as well as strategies being implemented by thermoformed packaging companies. In addition, there are reviews of 25 leading thermoformers in the packaging segment, assessing their growth initiatives and performance metrics over 10 years.

Learn more

Mold Making and Tooling Review and Outlook 2014 North America

This report provides in-depth analysis of the mold and toolmaking market for North America, including discussions of trends, opportunities, threats, the latest developments in production and labor and equipment trends impacting moldmakers.

Learn more

Upcoming Plastics News Events

May 6, 2014 - May 8, 2014Plastics in Medical Devices 2014

May 12, 2014 - May 12, 2014Plastics News Brazil Pharma Summit

September 10, 2014 - September 12, 2014Plastics Caps & Closures 2014

February 3, 2015 - February 7, 2015Plastics News Executive Forum 2015

More Events