PolyOne Sells Investment in Colombia Joint Venture
Thursday October 15, 2009, 6:00 pm EDT
CLEVELAND, Oct. 15 /PRNewswire-FirstCall/ -- PolyOne Corporation, a leading global provider of specialized polymer materials, services and solutions, today announced that it has sold its 50 percent equity interest in Geon Polimeros Andinos (GPA), a vinyl compounding joint venture located in Cartagena, Colombia.
Mexichem, the other 50 percent partner in the joint venture, has acquired PolyOne's stake and is now the owner of GPA. The company will be renamed under Mexichem's ownership. Mexichem is a major producer of vinyl products throughout Latin America.
PolyOne received a total of $13.5 million in cash for a combination of its interest in GPA and certain transition agreements associated with the sale.
"Completing this transaction with Mexichem allows our Geon Performance Polymers business to sharpen its focus on the specialized solutions that help make our customers the leaders in their industries," said Robert M. Rosenau, PolyOne senior vice president and general manager, Performance Products & Solutions. "GPA's business fits much better with Mexichem's business structure than with ours."
PolyOne Corporation, with 2008 annual revenues of $2.7 billion, is a premier provider of specialized polymer materials, services and solutions. Headquartered outside of Cleveland, Ohio USA, PolyOne has operations around the world.
Source: PRNewswire/PolyOne Corporation
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