PolyOne unloads Engineering Films unit
As part of its strategy to focus more on its plastics compounding, colours and additives masterbatch and distributi...
As part of its strategy to focus more on its plastics compounding, colours and additives masterbatch and distribution businesses, PolyOne Corp. has announced plans to sell its Engineering Films unit.
PolyOne announced on September 28 that the unit’s management team and an investment group formed by investment banking firm, Matrix Capital Markets, will take on responsibility for both the operating assets and liabilities of the Engineering Films unit.
Revenues for the Engineering Films unit reached about US$126 million in 2004.
The sale is expected to close in fourth quarter of 2005.
Headquartered in Winchester, Va., with manufacturing facilities both there and in Lebanon, Penn., the Engineering Films unit provides plastic films for use in applications such as automotive interiors, flooring and wall coverings.
PolyOne’s Canadian subsidiary, PolyOne Canada Inc. manufactures vinyl compounds, ester plasticizers and colour masterbatches. The firm has facilities in Orangeville, Ont., Mississauga, Ont., Niagara Falls, Ont., and Valleyfield, Que.