By: CRAIN'S CLEVELAND BUSINESS
May 31, 2013
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.