Mar 24 2008
PolyOne Corporation, a leading global provider of specialized polymer materials, services and solutions, announced today it is introducing Specialty Engineered Materials as a new reportable segment.
Specialty Engineered Materials includes the business of the recently acquired GLS Corporation and the former North American Engineered Materials operating segment. This new unit will report to Craig Nikrant, vice president and general manager.
"Specialty Engineered Materials reflects a strategic shift toward specialization and the transformation of this core business into a specialty solutions provider of engineering thermoplastics," said Stephen D. Newlin, chairman, president and chief executive officer. "Our GLS acquisition, coupled with our investment in key commercial and innovation resources, have positioned Specialty Engineered Materials to become one of PolyOne's most attractive global businesses."
With the addition of GLS, the Specialty Engineered Materials business can capitalize on escalating global demand for soft-touch products in many specialized, high-growth markets -- including healthcare, aerospace, electronics, consumer and biopolymers -- to deliver innovative solutions through metal-to-plastic conversions and newly developed eco-friendly materials, blends and alloys.
"The focus on specialization in Specialty Engineered Materials mirrors what is happening throughout PolyOne," Newlin emphasized. "We are strengthening our specialty business platform by effectively implementing specialization and globalization strategies, underpinned by commercial and operational excellence to deliver valued solutions and advantages to our customers."
Specialty Engineered Materials becomes PolyOne's fifth reportable segment. The other reportable segments are the Vinyl Business, International Color and Engineered Materials, PolyOne Distribution, and Resin and Intermediates. All Other now comprises the North American Color and Additives, Producer Services, and Specialty Inks and Polymer Systems operating segments. Historical segment performance will be recast to conform to this new reporting structure in PolyOne's financial statements commencing with the Form 10-Q filing for the first quarter of 2008.
Posted March 24th,2008