Polyone Parts Ways with Performance Products BusinessPolyone Parts Ways with Performance Products Business

Polymer materials and solutions company Polyone announced Monday that it signed a definitive agreement with SK Capital Partners to sell its Performance Products and Solutions (PP&S) business in a $775 million cash transaction.

Specializing in formulated PVC and polypropylene-based solutions, the firm’s PP&S segment’s major end users are in the North American construction and automotive industries. The business generates $700 million in sales, according to Polyone. 

“We conducted what became a very competitive bidding process for our PP&S segment,” Robert M. Patterson, chairman, president, and chief executive officer of Polyone, said in a company press release. “Ultimately, we determined that divesting the business to SK Capital Partners would provide greater flexibility to accelerate our specialty growth strategy and is in the best interest of customers, employees, and shareholders.”

The Polyone executive said the firm will focus its efforts on its three core segments – Specialty Engineered Materials; Color, Additives, and Inks; and Distribution – moving forward. 

Polyone and SK Capital Partners expect the transaction to close in the fourth quarter of this year following the completion of regulatory approvals and other closing conditions. 

For more news headlines, articles, and equipment reviews, visit our Equipment Zones