PolyOne completes sale of PP&S business to SK Capital
October 31, 2019 - United States Of America
PolyOne has completed the 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. PolyOne provides specialised polymer materials, services, and solutions. The company adds value to global customers and improves sustainability through formulating materials.
“We are pleased to have completed the divestiture of PP&S. Since 2006, we have invested in and grown PP&S, and it has played an important role in our transformation and value creation,” Robert M. Patterson, chairman, president, and chief executive officer, PolyOne said in a press release.
“As we look to the future, we are confident that SK Capital will further increase value for customers and stakeholders. We count ourselves among them, as PP&S will continue to supply certain PolyOne applications and be an important partner for our distribution business,” Patterson said.
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.
“We are pleased to have completed the divestiture of PP&S. Since 2006, we have invested in and grown PP&S, and it has played an important role in our transformation and value creation,” Robert M. Patterson, chairman, president, and chief executive officer, PolyOne said in a press release.
“As we look to the future, we are confident that SK Capital will further increase value for customers and stakeholders. We count ourselves among them, as PP&S will continue to supply certain PolyOne applications and be an important partner for our distribution business,” Patterson said.
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.