CLEVELAND, July 19, 2017 /PRNewswire/ -- PolyOne Corporation
(NYSE: POL), a premier global provider of specialized polymer materials, services and solutions, has completed the
previously announced sale of its Designed Structures and Solutions (DSS) business, which includes sheet, rollstock and packaging
assets, to Arsenal Capital Partners for $115 million.
"We are pleased to have completed the divestiture of DSS and that Arsenal is in position to lead the next phase of its
transformation," said Robert M. Patterson, chairman, president and chief executive officer,
PolyOne Corporation.
"Proceeds from the sale have been used to fund the recent acquisitions of Rutland and Mesa,
which bolster our specialty color, additives and inks offerings," added Mr. Patterson. "These acquisitions fit right into
our sweet spot where we can add commercial and operational excellence resources to accelerate innovation and growth for our
customers, employees and shareholders."
Additional details and commentary on the divestiture, as well as the recent acquisitions of Rutland and Mesa, will be provided on the company's second quarter 2017 conference call.
Serving as financial advisor to PolyOne on the transaction was William Blair, and Jones Day served as legal advisor.
About PolyOne
PolyOne Corporation is a premier provider of specialized polymer materials, services and solutions. The company is dedicated
to serving customers in diverse industries around the globe, by creating value through collaboration, innovation and an
unwavering commitment to excellence. Guided by its Core Values, Sustainability Promise and No Surprises PledgeSM,
PolyOne is committed to its customers, employees, communities and shareholders through ethical, sustainable and fiscally
responsible principles. For more information, visit www.polyone.com.
To access PolyOne's news library online, please go to www.polyone.com/news.
Forward-looking Statements
In this press release, statements that are not reported financial results or other historical information are "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give current
expectations or forecasts of future events and are not guarantees of future performance. They are based on management's
expectations that involve a number of business risks and uncertainties, any of which could cause actual results to differ
materially from those expressed in or implied by the forward-looking statements. They use words such as "will," "anticipate,"
"estimate," "expect," "project," "intend," "plan," "believe," and other words and terms of similar meaning in connection with any
discussion of future operating or financial condition, performance and/or sales. Factors that could cause actual results to
differ materially from those implied by these forward-looking statements include, but are not limited to: our ability to realize
anticipated savings and operational benefits from the realignment of assets, including the closure of manufacturing facilities;
the timing of closings and shifts of production to new facilities related to asset realignments and any unforeseen loss of
customers and/or disruptions of service or quality caused by such closings and/or production shifts; separation and severance
amounts that differ from original estimates; amounts for non-cash charges related to asset write-offs and accelerated
depreciation realignments of property, plant and equipment that differ from original estimates; our ability to identify and
evaluate acquisition targets and consummate acquisitions; the ability to successfully integrate acquired businesses into our
operations, such as Mesa, Rutland, Comptek, SilCoTec, Gordon Composites and Polystrand, including whether such businesses
will be accretive, retain the management teams of acquired businesses, and retain relationships with customers of acquired
businesses; disruptions, uncertainty or volatility in the credit markets that could adversely impact the availability of credit
already arranged and the availability and cost of credit in the future; the financial condition of our customers, including the
ability of customers (especially those that may be highly leveraged and those with inadequate liquidity) to maintain their credit
availability; the speed and extent of an economic recovery, including the recovery of the housing market; our ability to achieve
new business gains; the effect on foreign operations of currency fluctuations, tariffs and other political, economic and
regulatory risks; changes in polymer consumption growth rates and laws and regulations regarding the disposal of plastic in
jurisdictions where we conduct business; changes in global industry capacity or in the rate at which anticipated changes in
industry capacity come online; fluctuations in raw material prices, quality and supply and in energy prices and supply;
production outages or material costs associated with scheduled or unscheduled maintenance programs; unanticipated developments
that could occur with respect to contingencies such as litigation and environmental matters; an inability to achieve or delays in
achieving or achievement of less than the anticipated financial benefit from initiatives related to working capital reductions,
cost reductions and employee productivity goals; an inability to raise or sustain prices for products or services; an inability
to maintain appropriate relations with unions and employees; our ability to continue to pay cash dividends; the amount and timing
of repurchases of our common shares, if any; and other factors affecting our business beyond our control, including, without
limitation, changes in the general economy, changes in interest rates and changes in the rate of inflation. The above list of
factors is not exhaustive.
We undertake no obligation to publicly update forward-looking statements, whether as a result of new information, future
events or otherwise. You are advised to consult any further disclosures we make on related subjects in our reports on Form 10-Q,
8-K and 10-K that we provide to the Securities and Exchange Commission.
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SOURCE PolyOne Corporation