PolyOne to Report Three Non-Core Units as Discontinued Operations

January 15, 2004

CLEVELAND, Jan. 15 /PRNewswire-FirstCall/ -- PolyOne Corporation
(NYSE: POL), a leading global polymer services company, announced today 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.

PolyOne's third-quarter 2003 Form 10-Q disclosed that, as a result of the
decision to pursue the divestments, a review of the value of certain assets
would occur in the fourth quarter of 2003. Based on the current projected net
proceeds from the disposition of the discontinued operations, PolyOne will
record an estimated fourth-quarter 2003 pre-tax, non-cash charge of
approximately $130 million. This non-cash charge will be accounted for as an
estimated impairment in the net assets of the discontinued operations held for

"We are making today's announcement in accord with financial reporting
requirements resulting from our decision to sell three non-core operating
units," said Thomas A. Waltermire, PolyOne chief executive officer and
president. "We are confident that the proceeds from these divestments will be
at the level we anticipated when we disclosed our plans in October, and will
allow us to meet our stated goal of reducing debt." PolyOne's December 31,
2003, consolidated balance sheet will separate from continuing operations the
assets and liabilities of the discontinued operations to be sold. Further,
the 2003 consolidated statement of operations will reflect continuing
operations, with discontinued operations aggregated and reported separately on
one line. Continuing operations will include any estimated retained indirect
costs previously allocated to discontinued operations. PolyOne, however,
continues to bring overhead costs in line with the targets it has set for its
core business operations.

Financial statements, restated for the discontinued operations, will be
provided when PolyOne releases its fourth-quarter earnings on January 29,

PolyOne Fourth-Quarter 2003 Conference Call

PolyOne will host a conference call at 9 a.m. Eastern time on January 30,
2004. The conference dial-in number is 888-489-0038 (domestic) or
706-643-1611 (international), conference topic: PolyOne Earnings Call. The
replay number is 800-642-1687 (domestic) or 706-645-9291 (international). The
conference ID for the replay is 4281892. The call will be broadcast live and
then via replay for two weeks on the Company's Web
site: http://www.polyone.com .

About PolyOne

PolyOne Corporation, with 2002 revenues of $2.5 billion, is an
international polymer services company with operations in thermoplastic
compounds, specialty resins, specialty polymer formulations, engineered films,
color and additive systems, elastomer compounding and thermoplastic resin
distribution. Headquartered in Avon Lake, Ohio, PolyOne has employees at
manufacturing sites in North America, Europe, Asia and Australia, and joint
ventures in North America, South America, Europe and Asia. Information on the
Company's products and services can be found at www.polyone.com .

Forward-Looking Statements

In this press release, statements that are not reported financial results
or other historical information are "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995. Forward-
looking statements give current expectations or forecasts of future events and
are not guarantees of future performance. They are based on management's
expectations that involve a number of business risks and uncertainties, any of
which could cause actual results to differ materially from those expressed in
or implied by the forward-looking statements. You can identify these
statements by the fact that they do not relate strictly to historic or current
facts. They use words such as "anticipate," "estimate," "expect," "project,"
"intend," "plan," "believe" and other words and terms of similar meaning in
connection with any discussion of future operating or financial performance.
In particular, these include statements relating to future actions;
prospective changes in raw material costs, product pricing or product demand;
future performance or results of current and anticipated market conditions and
market strategies; sales efforts; expenses; the outcome of contingencies such
as legal proceedings; and financial results. Factors that could cause actual
results to differ materially include, but are not limited to: (1) an inability
to achieve or delays in achieving or achievement of less than the anticipated
financial benefit from initiatives related to restructuring programs,
including cost reduction and employee productivity goals; (2) a delay or
inability to achieve targeted debt level reductions through divestitures or
other means; (3) 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; (4)
changes in U.S., regional or world polymer and/or rubber consumption growth
rates affecting the Company's markets; (5) changes in global industry capacity
or in the rate at which anticipated changes in industry capacity come online
in the polyvinyl chloride (PVC), chlor-alkali, vinyl chloride monomer (VCM) or
other industries in which the Company participates; (6) fluctuations in raw
material prices, quality and supply and in energy prices and supply, in
particular fluctuations outside the normal range of industry cycles; (7)
production outages or material costs associated with scheduled or unscheduled
maintenance programs; (8) costs or difficulties and delays related to the
operation of joint venture entities; (9) lack of day-to-day operating control,
including procurement of raw materials, of equity or joint venture affiliates;
(10) partial control over investment decisions and dividend distribution
policy of the OxyVinyls partnership and other minority equity holdings of the
Company; (11) an inability to launch new products and/or services within the
Company's various businesses; (12) the possibility of further goodwill
impairment; (13) an inability to maintain any required licenses or permits;
(14) an inability to comply with any environmental laws and regulations; (15)
an inability or delay in finding buyers of discontinued operations or other
non-core assets for reasonable and acceptable terms; (16) an inability to
access the receivables sale facility as a result of breaching covenants; (17)
any poor performance of our pension plan assets and any obligation on our part
to fund our pension plan; and (18) any delay and/or inability to bring the
North American colors and performance additives and the engineered materials
product platforms to profitability.

We cannot guarantee that any forward-looking statement will be realized,
although we believe we have been prudent in our plans and assumptions.
Achievement of future results is subject to risks, uncertainties and
inaccurate assumptions. Should known or unknown risks or uncertainties
materialize, or should underlying assumptions prove inaccurate, actual results
could vary materially from those anticipated, estimated or projected.
Investors should bear this in mind as they consider forward-looking

We undertake no obligation to publicly update forward-looking statements,
whether as a result of new information, future events or otherwise. You are
advised, however, to consult any further disclosures we make on related
subjects in our Form 10-Q, 8-K and 10-K reports to the Securities and Exchange
Commission. You should understand that it is not possible to predict or
identify all such factors. Consequently, you should not consider any such
list to be a complete set of all potential risks or uncertainties.

SOURCE PolyOne Corporation
CONTACT: Dennis Cocco, Vice President, Investor Relations &
Communications of PolyOne Corporation, +1-440-930-1538