PolyOne Selling Resin Assets for $250M
CLEVELAND (AP) — PolyOne, which makes resins used in plastic pipe and other products, is selling its vinyl dispersion, blending and suspension resin business to Mexichem, S.A.B. de C.V. for $250 million in cash.
"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," Chairman, President and CEO Stephen D. Newlin said in a statement.
PolyOne Corp. said Monday that the resin business, part of its performance products and solutions unit, had 2012 revenue of $147 million.
The Cleveland company said the sale is expected to dilute its earnings near-term, shaving about 22 cents per share off earnings. But the company is maintaining its forecast for 2015 earnings of $2.50 per share. Analysts, on average, forecast earnings of $2.30 per share, according to FactSet.
Polyone shares closed Friday at $25.09, up about 23 percent since the start of the year.