PolyOne to Report Three Non-Core Units as Discontinued Operations
PolyOne Corporation announced that three non-core operating units previously identified for possible divestiture, in line with the Company's plan to reduce debt by $200 million to $300 million, will be financially reported as discontinued operations beginning in the fourth quarter of 2003.
The non-core units -- Elastomers and Performance Additives, Specialty Resins and Engineered Films -- employ approximately 2,270 people and have annual sales totaling approximately $600 million. A substantial portion of the anticipated proceeds from the planned sale of these units will be used to strengthen the Company's balance sheet by reducing debt.
The planned dispositions reflect a strategic decision to tighten PolyOne's focus on its global Plastics Compounding and Color businesses and its Distribution business, which have strong market synergies. In December 2003, PolyOne's Board of Directors authorized management to sell the non-core units. On December 31, 2003, management finalized these plans with specific actions to market the units for sale. PolyOne expects to complete all three dispositions in 2004.
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