Key Developments: PolyOne Corp (POL.N)
25.62USD
20 May 2013
$0.08 (+0.31%)
$25.54
$25.50
$25.79
$25.29
110,394
166,644
$25.79
$12.40
Latest Key Developments (Source: Significant Developments)
Mexichem SAB de CV Announces Further Details On Acquisition Of PolyOne Corp’s PVC Resin
Mexichem SAB de CV announced, as a continuation of a press release dated May 15, 2013, that the value of the transaction to acquire 100% of the PVC resins assets from PolyOne Corp amounts to USD 250 million. Full Article
PolyOne Corp Announces Quarterly Dividend
PolyOne Corp announced that Board of Directors has declared a quarterly cash dividend of $0.06 per share on the common stock outstanding, to be paid on July 2, 2013, to stockholders of record on June 13, 2013. Full Article
Mexichem SAB de CV Confirms Authorization From Authorities In United States And Germany For Acquisition Of PolyOne Corp’s PVC Resin
Mexichem SAB de CV (Mexichem) announced that it has received an authorization from FTC in the United States to carry out an agreement for the acquisition of 100% of the PVC resins assets from PolyOne Corp. In addition Mexichem has received an authorization from the authorities in Germany. Thus, the integration of the operations of PCV resin in the chlorine-vinyl chain of Mexichem will start once the acquisition is completed in compliance with the agreed closing conditions. The parties expect the operation to be completed in the next weeks. Full Article
PolyOne Corp and Joint Venture Partner Juffali Open Specialty Colorant Facility in Jeddah, Saudi Arabia
PolyOne Corp announced that Juffali PolyOne Masterbatch Co. Ltd., a joint venture between PolyOne Corporation and E.A. Juffali & Brothers Limited, has opened their new production facility in Jeddah, Kingdom of Saudi Arabia. This new facility will help customers in the Middle East innovate and grow via local access to world-class specialty polymer colorants. The opening of the new production facility is a logical extension of nearly 30 years of cooperation between the two companies, which became even stronger in October of 2011, when PolyOne and Juffali announced formation of the Juffali PolyOne Masterbatch joint venture. Juffali brings its local expertise in the region to the venture, and PolyOne provides its formulation technology and material science. The opening of this new facility was celebrated in Jeddah with customers, local officials and senior leadership of both joint venture partner companies. The new facility is focused on the production of specialty color concentrates and has the potential for expansion into other product lines in future phases. Full Article
PolyOne Corp Reaches Agreement to Sell Non-Core Resin Assets for $250 Million to Mexichem SAB de CV
PolyOne Corp announced it has entered into an agreement in which the Company will sell its vinyl dispersion, blending and suspension resin assets to Mexichem SAB de CV for $250 million in cash. The sale is subject to satisfaction of regulatory requirements and other customary closing conditions. PolyOne's resin assets are part of its Performance Products and Solutions segment and generated revenues of $147 million in 2012. Full Article
PolyOne Corp Announces 20 % Increase In Quarterly Dividend
PolyOne Corp announced that it has declared a dividend of six cents($0.06) per share on the common stock outstanding, to be paid on April 5, 2013, to stockholders of record on March 5, 2013. This represents a 20 % increase to the quarterly cash dividend. Full Article
PolyOne Corp Announces Pricing of Senior Notes Offering
PolyOne Corp announced private offering of $600 million in aggregate principal amount of senior notes due 2023. The Notes will have a coupon of 5.25% and an approximate effective rate of 5.75% per annum including amortization of fees and are being issued at 100% of their face value. The closing of the Notes offering is expected to occur on February 28, 2013, subject to customary closing conditions. PolyOne currently intends to use the net proceeds from the Notes offering to partially fund the acquisition of Spartech Corporation, to repay all amounts outstanding under its senior secured term loan, and to make a $50 million voluntary pension contribution. Spartech shareholders will be asked to approve the proposed acquisition by PolyOne at a special meeting to be held on March 12, 2013. Full Article
PolyOne Corp Announces Commencement Of $600 Million Senior Notes Offering
PolyOne Corp announced the commencement of a private offering of $600 million in aggregate principal amount of senior notes due 2023. PolyOne intends to use the proceeds from the Notes offering to partially fund the acquisition of Spartech Corporation, to repay all amounts outstanding under its senior secured term loan, and to make a $50 million voluntary pension contribution. Spartech shareholders will be asked to approve the proposed acquisition by PolyOne at a special meeting to be held on March 12, 2013. Full Article
PolyOne Corp Issues FY 2013 EPS Guidance In Line With Analysts' Estimates-Conference Call
PolyOne Corp announced that it is targeting double-digit EPS growth for fiscal 2013, which means the Company has to overcome the $0.13 per share headwind from the retiree healthcare increase, and still incrementally grow double-digits. The Company reported EPS of $1.20 in fiscal 2012. According to I/B/E/S Estimates, analysts are expecting the Company to report EPS of $1.37 for fiscal 2013. Full Article
PolyOne Corp to Acquire Advanced Composite Materials Producer Glasforms
PolyOne Corp announced the acquisition of Glasforms Inc, manufacturer of glass and carbon fiber reinforced polymers and advanced composite products. The purchase price is $34 million. Full Article
CORRECTED-PolyOne to sell base resin assets to Mexichem for $250 mln
(Corrects paragraph 2 of March 25 story to say resin assets accounted for 5 percent of the company's 2012 revenue of $3 billion, not 22 percent of 2012 revenue of $679.4 million)
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