PolyOne Completes Sale of Engineered Films Unit

February 16, 2006

CLEVELAND, Feb. 16 /PRNewswire-FirstCall/ -- PolyOne Corporation
(NYSE: POL) announced today that it has completed the sale of its Engineered
Films business unit to an investor group comprising members of the unit's
management team along with an investor group formed by Matrix Capital Markets.
Matrix Capital is an investment banking firm that advised the management team
and arranged the financing for the transaction. The new company will be named
O'Sullivan Films, Inc.

PolyOne received gross proceeds before associated fees and costs of $26.7
million, of which $20.5 million was paid in cash and 6.2 million in the form
of a note payable from the new entity. PolyOne will retain an 18 percent
minority ownership interest in the new entity.

Completion of the transaction follows PolyOne's September 27, 2005,
announcement that it had signed a letter of intent to sell the Engineered
Films unit.

PolyOne announced in late 2003 that, as part of its efforts to confine its
strategic emphasis to its Plastics Compounding, Color and Additives
Masterbatch, and Distribution businesses, it would divest its Elastomers and
Performance Additives, Engineered Films and Specialty Resins businesses.
PolyOne sold its Elastomers business in August 2004. In December 2005 the
Company announced that the Specialty Resins divestment process was unlikely to
result in a sale of the business at acceptable terms and, therefore, would no
longer be reported as a business being held for sale within discontinued
operations but included within the Performance Plastics segment results.

The Engineered Films unit, a leading provider of customized, high-
performance plastic films, had 2005 revenues of $120 million. Since the 2003
divestment announcement, the Films unit has been accounted for within
PolyOne's financial reports as a discontinued operation.

About PolyOne

PolyOne Corporation, with 2005 annual revenues of approximately $2.5
billion, is a leading global compounding and North American distribution
company with 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.

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 the anticipated sale of
the Engineered Films unit; future actions; prospective changes in raw material
costs, product pricing or product demand; future performance, including,
without limitation, meeting cash flow goals, receiving cash distributions from
equity affiliates and achieving working capital targets; 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:

     - costs or difficulties and delays related to the operation of joint
       venture entities;
     - lack of day-to-day operating control, including procurement of raw
       materials, of equity or joint venture affiliates;
     - the possibility of further goodwill impairment;
     - a delay or inability to achieve targeted debt level reductions through
       divestitures and/or other means;
     - an inability to achieve anticipated earnings performance due to the
       divestment of a non-core business; and
     - other factors affecting our business beyond our control, including,
       without limitation, changes in the general economy, changes in interest
       rates and changes in the rate of inflation.

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.
(Ref. #121505)

SOURCE  PolyOne Corporation
    -0-                             02/16/2006
    /CONTACT:  Investor & Media, Dennis Cocco, Vice President, Investor
Relations of PolyOne Corporation, +1-440-930-1538/
    /Web site:  http://www.polyone.com /

CO:  PolyOne Corporation; Matrix Capital Markets; O'Sullivan Films, Inc.
ST:  Ohio

-- CLTH012 --
9378 02/16/2006 08:30 EST http://www.prnewswire.com
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