PolyOne Signs Agreement to Divest Performance Products and Solutions Business Segment
Polished Inc. (POL)
Last polished inc. earnings: 4/21 06:37 am
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US:NYSE Investor Relations:
polyone.com/investor-center/investor-center
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Source: PR Newswire
CLEVELAND, Aug. 19, 2019 /PRNewswire/ -- PolyOne Corporation (NYSE: POL), a leading global provider of specialized polymer materials, services and solutions, today announced it has entered into a definitive agreement to sell its Performance Products and Solutions (PP&S) business to SK Capital Partners for $775 million in cash. PolyOne expects to record a pre-tax gain of approximately $600 million at the time the sale is completed.With sales of approximately $700 million, PP&S is a global provider of formulated PVC and polypropylene based solutions, as well as contract manufacturing services, primarily serving the North American Construction and Automotive end markets."We conducted what became a very competitive bidding process for our PP&S segment," said Robert M. Patterson, Chairman, President and CEO, PolyOne Corporation. "Ultimately, we determined that divesting the business to SK Capital Partners would provide greater flexibility to accelerate our specialty growth strategy and i
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