Posted in | News | Rubber and Elastomer

PolyOne Completes Divestiture of Elastomers and Performance Additives Business

Aug 6 2004

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PolyOne Corporation announced today that it has completed the sale of its Elastomers and Performance Additives business to an entity formed by an investor group led by Lion Chemical Capital LLC and ACI Capital Co., Inc. The parties reported in June that they had reached a definitive agreement.

PolyOne received gross proceeds before associated fees and costs of approximately $120 million, of which $106 million was paid in cash and $14 million in the form of a note from the buyer. This price is within PolyOne's range of estimates for the sale of the Elastomers unit.

PolyOne announced last October that, as part of its efforts to improve profitability and strengthen its balance sheet, it would divest its Elastomers and Performance Additives, Engineered Films and Specialty Resins businesses. As a result, the Company began reporting these business units as discontinued operations in the fourth quarter of 2003.

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