PolyOne to Divest Interest in Australian Vinyls Corporation

January 11, 2002

CLEVELAND, Jan. 11 /PRNewswire-FirstCall/ -- PolyOne Corporation
(NYSE: POL), the world's largest polymer services company, today announced the
divestiture of its polyvinyl chloride (PVC) resin and specialty products
interest in its equity joint venture, Australian Vinyls Corporation (AVC).
PolyOne has a 37.4 percent interest in AVC; the remaining portion is held by
Orica Limited, which is also divesting its resin and specialty products

Acquiring the businesses is a team led by Murray Winstanley, a former
managing director of AVC. The operations being sold reported a loss in 2001.
The transaction is expected to be completed on February 15, 2002. An
impairment writedown of PolyOne's investment in AVC will be recognized in the
fourth quarter of 2001.

AVC announced today the closing of its Altona, Victoria, Australia, PVC
resin plant, citing the facility's scale and age, which made it uncompetitive
in the current market environment. In third-quarter 2001, PolyOne reported a
pre-tax restructuring charge of $5.1 million that included the cost of closing
the Altona plant and the writedown of associated assets. The plant is not
part of the sale to the Winstanley group.

PolyOne (37.4 percent) and Orica (62.6 percent) will retain ownership of
AVC's PVC compounding assets, which include three production facilities in
Greater Melbourne, Victoria, Australia. This joint venture will operate as
Welvic Australia Pty Ltd. Annual revenues for the compounding business are
approximately $20 million.

About PolyOne

PolyOne Corporation, with annual revenues approaching $3 billion, is an
international polymer services company with operations in thermoplastic
compounds, specialty vinyl resins, specialty polymer formulations, engineered
films, color and additive systems, elastomer compounding, and thermoplastic
resin distribution. Headquartered in Cleveland, PolyOne has more than 8,000
employees at manufacturing sites in North America, Europe, Asia and Australia,
and joint ventures in North America, South America, Europe, Asia and
Australia. Information on the Company's products and services can be found at
www.polyone.com .

Private Securities Litigation Reform Act of 1995

This release contains statements concerning trends and other forward-
looking information affecting or relating to PolyOne Corporation and its
industries that are intended to qualify for the protections afforded "forward-
looking statements" under the Private Securities Litigation Reform Act of
1995. Actual results could differ materially from such statements for a
variety of factors including, but not limited to: (1) the risk that the
former Geon and M.A. Hanna businesses will not be integrated successfully; (2)
an inability to achieve or delays in achieving savings related to the
consolidation and restructuring programs; (3) unanticipated delays in
achieving or inability to achieve cost reduction and employee productivity
goals; (4) costs related to the consolidation of Geon and M.A. Hanna; (5) the
effect on foreign operations of currency fluctuations, tariffs,
nationalization, exchange controls, limitations on foreign investment in local
businesses, and other political, economic and regulatory risks; (6)
unanticipated changes in world, regional or U.S. PVC or other plastics
consumption growth rates affecting the Company's markets; (7) unanticipated
changes in global industry capacity or in the rate at which anticipated
changes in industry capacity come online in the PVC, VCM, chlor-alkali or
other industries in which the Company participates; (8) fluctuations in raw
material prices and supply, and in particular fluctuations outside the normal
range of industry cycles; (9) unanticipated production outages or material
costs associated with scheduled or unscheduled maintenance programs; (10)
unanticipated costs or difficulties and delays related to the operation of the
joint venture entities; (11) lack of day-to-day operating control, including
procurement of raw material feedstocks, of the OxyVinyls partnership; (12)
lack of direct control over the reliability of delivery and quality of the
primary raw materials utilized in the Company's products; (13) partial control
over investment decisions and dividend distribution policy of the OxyVinyls

SOURCE PolyOne Corporation

CONTACT: Investors and Media, Dennis A. Cocco, Chief Investor &
Communications Officer, +1-216-589-4018, or dennis.cocco@polyone.com/