Polymer supplier PolyOne Corporation is creating a new “Innovation Center” in Shanghai, China, to focus on research and development in the company’s specialty engineered materials business segment.
The center is expected to open in the fourth quarter of 2014.
According to Avon Lake, Ohio-based PolyOne, the center will “facilitate collaboration, accelerate application development and increase speed-to-market for customers in the Asia Pacific region.”
The announcement comes on the heels of what PolyOne called a record-breaking revenue year in Asia, and also the recent announcement of the retirement of long-time president and CEO Stephen Newlin. Newlin will step down on May 15, to be replaced by Robert M. Patterson. The 61-year-old Newlin will remain executive chairman of the PolyOne Board of Directors.
“In 2013, we delivered record revenues and operating income in Asia…and our new Innovation Center is yet another step in what we expect will be continued growth for our customers and PolyOne,” Patterson said in a statement.