PolyOne buys Chinese vinyl compounder
Specialized polymer manufacturer PolyOne Corporation has signed an agreement to acquire the assets and operations o...
Specialized polymer manufacturer PolyOne Corporation has signed an agreement to acquire the assets and operations of Hong Kong-based vinyl compounder Ngai Hing PlastChem Company Ltd (NHP).
Included in the transaction is the transfer of a manufacturing facility in Dongguan, in the province of South China. This facility will be PolyOne’s fourth manufacturing site in China.
The transaction is expected to close during the first half of 2007, pending approval by government authorities. As part of the agreement, PolyOne will also receive six million common shares of NHP.
“Positioning PolyOne to capture growth within Asia is one of our core strategies,” Stephen D. Newlin, chairman, president and CEO of PolyOne, said. “This acquisition will allow us to bring manufacturing for one of our primary businesses, vinyl compounds, to China and help to accelerate our business growth there.”
PolyOne, headquartered in Avon Lake, Ohio, reported 2005 sales revenues of approximately $2.5 billion. The company has operations in North America, Europe, Asia and Australia, as well as joint ventures in North America and South America.
PolyOne has Canadian operations in Orangeville, Mississauga, and Niagara Falls, Ontario; and in Valleyfield and St. Remi de Napierville, Que.