30 May 2013 19:13 [Source: ICIS news]
HOUSTON (ICIS)--PolyOne completed the $250m (€193m) sale of its vinyl dispersion, blending and suspension resin assets to Mexico-based Mexichem, the US-based compounder said on Thursday.
The after-tax proceeds of the sale should be about $150m, and PolyOne expects to recognise an after-tax gain of $140m, it said.
The assets that PolyOne sold were strictly those related to resin production, the company said. The sale included plants in Pedricktown, New Jersey, and Henry, Illinois, as well as a resin research facility in Avon Lake, Ohio.
PolyOne continues to own and operate its Geon Performance Materials and its specialty-coatings businesses, the company said. These businesses produce vinyl-based formulations, plastisols and powder coatings.
"This was a natural next step in the evolution of our portfolio and ultimate vision for PolyOne," said Stephen Newlin, CEO, PolyOne. "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."
($1 = €0.77)
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