PolyOne Corp. sells 50% stake in Colombian joint venture
8:31 am, October 16, 2009
Polymer producer PolyOne Corp. (NYSE: POL) has sold its 50% equity interest in Geon Polimeros Andinos, a vinyl compounding joint venture in Cartagena, Colombia.
PolyOne said Mexichem, the other 50% partner in the joint venture, bought PolyOne's stake and is now the owner of Geon Polimeros Andinos. The company will be renamed under the ownership of Mexichem, a producer of vinyl products throughout Latin America.
PolyOne said it received a total of $13.5 million in cash for a combination of its interest in Geon Polimeros Andinos and certain transition agreements associated with the sale.
"Completing this transaction with Mexichem allows our Geon Performance Polymers business to sharpen its focus on the specialized solutions that help make our customers the leaders in their industries," said Robert M. Rosenau, PolyOne senior vice president and general manager, Performance Products & Solutions.
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