PolyOne to Sell Syncure ™ Business
March 10, 2004
CLEVELAND, March 11, 2004 – PolyOne Corporation (NYSE: POL), a leading global polymer services company, announced today the pending sale of its Syncure® cross-linked polyethylene business to Padanaplast USA Inc. The sale, which is expected to close within two months, will include equipment and inventory.
PolyOne acquired the Syncure business with its acquisition of Synergistics Industries Limited in 1998. The dedicated plant used to make Syncure polymers is located in Valleyfield, Quebec, Canada. Padanaplast intends to continue to manufacture the Syncure product line at Valleyfield.
PolyOne and Padanaplast have signed a non-binding letter of intent. The sale is contingent upon completion of due diligence investigations and negotiation of definitive agreements. Terms of the pending transaction were not disclosed.
PolyOne and Padanaplast are working toward a smooth transition, and anticipate no disruption in service or products to existing customers.
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.
Padanaplast USA Incorporated is a manufacturer of moisture cure cross-linked polyethylene compounds for both the wire & cable and plumbing markets. Padanaplast USA serves customers from their ISO 9002 certified Sheboygan, Wisconsin facility. Information on the Company's products can be found at www.padanaplastusa.com.
PolyOne Media & Investor Contact: Dennis Cocco Vice President, Investor Relations & Communications 440.930.1538 Padanaplast USA Contact: Nick Galante Product Manager Padanaplast USA 920.803.0778