(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)
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 5 percent of the company’s 2012 revenue of $3 billion.
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. (Reporting By Kanika Sikka in Bangalore; Editing by Maju Samuel)