PolyOne to sell base resin assets to Mexichem for $250 mln
March 25 (Reuters) - Chemical company PolyOne Corp said it would sell its base resin assets to Mexican plastic pipe and chemical maker Mexichem SAB de CV for $250 million in cash as it shifts its focus to specialty chemicals.
The resin assets, which are a part of PolyOne's performance products and solutions business, accounted for about 22 percent of the company's 2012 revenue of $679.4 million.
The company expects the sale to reduce its annual earnings by about 22 cents per share.
PolyOne has been looking to transform itself into a specialty chemical business. The company bought plastic products maker Spartech Corp in a $246 million deal in October.
The company has also sold off other commodity chemical businesses including its stake in resin supplier Oxy Vinyls in 2007 and in chlor alkali manufacturer SunBelt in 2011.
- Washington, DC city council raises minimum wage to $11.50/hr in 2016
- India trims perks for U.S. staff in row over New York envoy arrest
- China confirms near miss with U.S. ship in South China Sea
- Mega Millions lottery winning tickets sold in California, Georgia |
- UPDATE 5-Mega Millions lottery winning tickets sold in California, Georgia -Officials