MOSCOW (MRC) -- PolyOne, a premier provider of specialized polymer materials, has agreed to sell its vinyl dispersion, blending and suspension resin assets to Mexico-based Mexichem, according to the company's statement.
PolyOne is going to receive USD250 million in cash for this deal.
The sale is subject to satisfaction of regulatory requirements and other customary closing conditions.
PolyOne's resin assets are part of its performance products and solutions segment and generated revenues of USD147 million in 2012.
"Since we began our specialty transformation, we have divested commodity equity investments including oxy vinyls in 2007 and SunBelt in 2011 and reinvested the proceeds to accelerate the growth of our specialty offerings," said Stephen D. Newlin, CEO of PolyOne.
"As our only remaining business involved in the direct manufacture of base resins, we view the sale of our resin production assets as a natural and next step in the evolution of our portfolio," he added.
As MRC wrote earlier, PolyOne Corporation, a premier provider of specialized polymer materials, services and solutions, in late 2012 bought Glasforms, Inc., a leading manufacturer of glass and carbon fiber reinforced polymers and advanced composite products.
PolyOne Corporation is a global provider of specialized polymer materials, services, and solutions. PolyOne is a provider of specialized polymer materials, services and solutions with operations in specialty polymer formulations, color and additive systems, polymer distribution and specialty vinyl resins. The company's full-year revenues in 2012 increased 4.5% to USD3.0 billion, compared to USD2.9 billion in 2011.
MRC