Compounder and distributor PolyOne Corp. has sold its 50 percent equity interest in Geon Polimeros Andinos SA to its partner, Mexichem SAB de CV.
Mexichem paid $13.5 million in cash for the stake in the Cartagena, Colombia-based vinyl compounder, according to a news release from PolyOne.
The company will be renamed under Mexichem's ownership. Mexichem is a major producer of vinyl products throughout Latin America.
“Completing this transaction with Mexichem allows our Geon Performance Polymers business to sharpen its focus on the specialized solutions that help make our customers the leaders in their industries,” said Robert M. Rosenau, PolyOne senior vice president and general manager, in a news release. “[Geon Polimeros Andinos]'s business fits much better with Mexichem's business structure than with ours.”
Formed in 1978, Mexico City-based Mexichem is three years into a five-year, $1 billion acquisition spree across the Americas. Mexico's antitrust authority, however, recently blocked the company from making two acquisitions, arguing that the deals would give the company too large a stake in the PVC market. The nixed deals were for plastic pipe maker Plasticos Rex SA de CV and PVC resin producer Polycid SA de CV.
PolyOne is headquartered in Avon Lake.
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