PolyOne Corp. is expanding in China.
The company, based in Avon Lake, Ohio, said in an April 21 news release that it is creating a new “Innovation Center” in Shanghai. The center will focus on research and development in PolyOne's Specialty Engineered Materials business segment. It is expected to open in the fourth quarter of 2014.
The company said the center will “facilitate collaboration, accelerate application development and increase speed-to-market for customers in the Asia Pacific region."
In the release, Robert M. Patterson, PolyOne's executive vice president and chief operating officer, commented on the company's recent growth in Asia.
“In 2013, we delivered record revenues and operating income in Asia,” Patterson said. “Our ‘invest to grow' strategy in the region is clearly working, and our new Innovation Center is yet another step in what we expect will be continued growth for our customers and PolyOne.”
PolyOne in March named Patterson its next president and CEO. Patterson will succeed Stephen D. Newlin, and the transition will take place on May 15. In the news release about the CEO transition, PolyOne highlighted Patterson's work for the company in Asia, noting that he oversaw the growth initiatives there.