PolyOne reports 10 per cent sales increase in 2017

Materials supplier PolyOne Corp. has reported a sales increase of almost 10 per cent in 2017, as profit from continuing operations grew more than 4 per cent.

The Avon Lake, Ohio-based company reported full-year sales of US$3.2 billion for 2017. Revenue increased 15 per cent to US$801 million as a result of increased momentum from commercial resource investments and a 3 per pent contribution from acquisitions.

“I am pleased to report record adjusted EPS for the 8^th consecutive year,” Robert Patterson, PolyOne’s chairman, president and CEO, said in a statement. “Over the last three years, we have increased our sales, marketing and R&D resources by nearly 20 per cent. In 2017, we delivered the highest level of organic sales expansion since coming out of the recession in 2010, allowing us to overcome substantial raw material inflation and supply chain disruptions resulting from Hurricane Harvey.”

Robert Patterson.

Distribution was PolyOne’s largest business unit segment in 2017, generating just over one-third of total sales before eliminations. It was followed by Color, Additives and Inks at 26 per cent; Performance Products & Solutions (including PVC compounds) at 21 per cent; and Specialty Engineered Materials at 18 per cent. “Color, Additives and Inks had an outstanding quarter to end the year, driven by a 5 per cent increase in organic sales and a 24 per cent increase in operating income,” Patterson said. “Color has tremendous momentum heading into 2018 bolstered by the four bolt-on acquisitions we have completed over the last twelve months, adding to our specialty colorant technology portfolio and geographic presence.”

Most recently, the company acquired IQAP Masterbatch (IQAP), a privately owned and innovative provider of specialty colorants and additives based in Spain with customers throughout Europe. PolyOne expects IQAP will add approximately US$45 million in revenue in 2018.