PolyOne to Close Color Additives Plant in Manchester, England
November 22, 2005
CLEVELAND, Nov. 22 /PRNewswire-FirstCall/ -- PolyOne Corporation
(NYSE: POL), a leading global polymer compounding and North American
distribution company, announced today that it will phase out its Manchester,
England, plastic color additives facility. The plant closing, targeted for
completion by the end of the first quarter of 2006, is part of the Company's
objective to reduce costs and align capacity with market demand.
The Manchester facility, with approximately 40 employees, serves primarily
the United Kingdom (UK) packaging market with color additives. Until the
plant closes, a limited workforce will continue operations while business with
key customers is transitioned to other PolyOne plants or customers find other
sources for products.
The decision will have no effect on customers for wire and cable products,
engineering compounds and some concentrate ranges that already were supplied
from other PolyOne facilities throughout Europe. This decision also does not
affect PolyOne's Polymer Coatings Systems business unit, which manufactures
vinyl plastisols, inks and additive dispersions at a plant in Widnes, England.
"The team at Manchester is to be commended for its efforts," said Bernard
Baert, vice president and general manager, International Colors and Engineered
Materials. "The region's tough economic environment and a trend toward
declining industrial and manufacturing activity in the UK, however, made a
turnaround unlikely. Accordingly, we need to redeploy the assets invested in
this business to capitalize on more promising opportunities in other
PolyOne remains committed to improving customer service. The Company has
invested in its other European plants and warehouses, particularly its
facilities in Eastern Europe, to meet customers' growing needs.
PolyOne Corporation, with 2004 annual revenues of approximately
$2.2 billion, is a leading global compounding and North American distribution
company with continuing operations in thermoplastic compounds, specialty
polymer formulations, color and additive systems, and thermoplastic resin
distribution. Headquartered in northeast Ohio, PolyOne has employees at
manufacturing sites in North America, Europe, Asia and Australia, and joint
ventures in North America and South America. Information on PolyOne's
products and services can be found at http://www.polyone.com .
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 product demand; future performance; results of current
and anticipated market conditions and market strategies; sales efforts;
expenses; and financial results. Factors that could cause actual results to
differ materially include, but are not limited to:
- costs or difficulties and delays related to the plant closing or
transfer of business to other PolyOne plants;
- inability to achieve anticipated improved performance, despite
initiatives to reduce costs and align capacity with demand;
- loss of key customers;
- inability to effectively redeploy the assets of the closed business;
- 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
- changes in U.S., regional or world polymer consumption growth rates
affecting the Company's markets.
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 reports on Form 10-Q, 8-K and 10-K provided to the Securities
and Exchange Commission. You should understand that it is not possible to
predict or identify all risk factors. Consequently, you should not consider
any list to be a complete set of all potential risks or uncertainties.
SOURCE PolyOne Corporation
CONTACT: Investor & North American Media Contact, Dennis Cocco, Vice
President, Investor Relations, +1-440-930-1538, or European Media Contact,
Siobhan Ahern, Marketing Communications, +32 (0) 83 660 273, both of PolyOne
Web site: http://www.polyone.com