PolyOne completes vinyl assets sale to Mexichem

Polymer material maker PolyOne Corp. has completed the previously announced sale of its vinyl dispersion, blending and suspension resin assets to Mexichem S.A.B. de C.V. for US$250 million in cash.

The deal was initially announced in March 2013.

Avon Lake, Ohio-based PolyOne said the sale of its last remaining resin production assets “marks an important milestone in the company’s ongoing specialty transformation that began in 2006.”

“This was a natural next step in the evolution of our portfolio and ultimate vision for PolyOne,” said Stephen D. Newlin, chairman, president and CEO, said in a news release. “Now more than ever, we are focused on our core business of specialty solutions and unique formulations where we believe we can generate the most value for our customers, associates and shareholders.”

According to PolyOne, assets transferred in the sale related strictly to resin production and included manufacturing plants in Pedricktown, N.J.; Henry, Ill.; and a resin research operation in Avon Lake.

PolyOne also said it continues to own and operate its Geon Performance Materials and Specialty Coatings businesses, which produce vinyl-based formulations, plastisols and powder coatings marketed under the Geon brand name.