PolyOne Corporation (NYSE: POL), a premier global provider of specialized polymer materials, services and solutions, has completed the previously announced sale of its Performance Products and Solutions (PP&S) business to SK Capital for $775 million in cash with an expected pre-tax gain of $600 million.
„We are pleased to have completed the divestiture of PP&S,“ said Robert M. Patterson, Chairman, President and Chief Executive Officer, PolyOne Corporation. „Since 2006, we have invested in and grown PP&S, and it has played an important role in our transformation and value creation.“
„As we look to the future, we are confident that SK Capital will further increase value for customers and stakeholders,“ Mr. Patterson added. „We count ourselves among them, as PP&S will continue to supply certain PolyOne applications and be an important partner for our Distribution business.“
The company noted that proceeds from the sale will be used to strengthen its balance sheet and fund future growth initiatives, including investing in sustainable solutions and specialty acquisitions.
