PolyOne Completes Sale of Performance Products and Solutions

CLEVELAND, Oct. 28, 2019 /PRNewswire/ -- PolyOne Corporation (NYSE: POL), a premier global provider of specialized polymer materials, services and solutions, has completed the previously announced sale of its Performance Products and Solutions (PP&S) business to SK Capital for $775 million in cash with an expected  pre-tax gain of $600 million.           

"We are pleased to have completed the divestiture of PP&S," said Robert M. Patterson, Chairman, President and Chief Executive Officer, PolyOne Corporation.  "Since 2006, we have invested in and grown PP&S, and it has played an important role in our transformation and value creation."

"As we look to the future, we are confident that SK Capital will further increase value for customers and stakeholders," Mr. Patterson added.  "We count ourselves among them, as PP&S will continue to supply certain polyone applications and be an important partner for our Distribution business."

The company noted that proceeds from the sale will be used to strengthen its balance sheet and fund future growth initiatives, including investing in sustainable solutions and specialty acquisitions. 

About polyone

PolyOne Corporation (NYSE: POL), with 2018 revenues of $2.9 billion, is a premier provider of specialized polymer materials, services and solutions. The company adds value to global customers and improves sustainability through formulating materials, such as:

• Barrier technologies that preserve the shelf-life and quality of food, beverages, medicine and other perishable goods through high-performance materials that require less plastic
• Light-weighting solutions that replace heavier traditional materials like metal, glass and wood, which can improve fuel efficiency in all modes of transportation
• Breakthrough technologies that minimize wastewater and improve the recyclability of materials and packaging across a spectrum of end uses

polyone employs approximately 5,700 associates and is certified ACC Responsible Care® and a founding member of the Alliance to End Plastic Waste.  For more information, visit www.polyone.com.

To access PolyOne's news library online, please visit www.avient.com/news.

Forward-looking Statements

In this press release, statements that are not reported financial results or other historical information are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give current expectations or forecasts of future events and are not guarantees of future performance. They are based on management's expectations that involve a number of business risks and uncertainties, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. They use words such as "will," "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," and other words and terms of similar meaning in connection with any discussion of future operating or financial condition, performance and/or sales. Factors that could cause actual results to differ materially from those implied by these forward-looking statements include, but are not limited to: our ability to identify and evaluate acquisition targets and consummate and integrate acquisitions; disruptions, uncertainty or volatility in the credit markets that could adversely impact the availability of credit already arranged and the availability and cost of credit in the future; the effect on foreign operations of currency fluctuations, tariffs and other political, economic and regulatory risks; changes in polymer consumption growth rates and laws and regulations regarding plastics in jurisdictions where we conduct business; changes in global industry capacity or in the rate at which anticipated changes in industry capacity come online; fluctuations in raw material prices, quality and supply, and in energy prices and supply; production outages or material costs associated with scheduled or unscheduled maintenance programs; unanticipated developments that could occur with respect to contingencies such as litigation and environmental matters; an inability to raise or sustain prices for products or services; an ability to achieve or delays in achieving or achievement of less than the anticipated financial benefit from initiatives related to acquisitions and integration, working capital reductions, cost reductions and employee productivity goals; information systems failures and cyberattacks; and other factors affecting our business beyond our control, including, without limitation, changes in the general economy, changes in interest rates and changes in the rate of inflation. The above list of factors is not exhaustive.

We undertake no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise. You are advised to consult any further disclosures we make on related subjects in our reports on Form 10-Q, 8-K and 10-K that we provide to the Securities and Exchange Commission.

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SOURCE PolyOne Corporation

Investor Relations, Joe Di Salvo, Vice President, Treasurer and Investor Relations, PolyOne Corporation, +1 440-930-1921, giuseppe.disalvo@avient.com, Media, Kyle G. Rose, Vice President, Corporate Communications, PolyOne Corporation, +1 440-930-3162, kyle.rose@avient.com