07.03.17
PolyOne Corporation announced it has entered into a definitive agreement whereby the company will sell its Designed Structures and Solutions (DSS) business, which includes sheet, rollstock and packaging assets, to Arsenal Capital Partners for $115 million.
“The decision to divest DSS comes after evaluating several strategic options for the business and concluding this is the best course of action for our customers, associates and shareholders,” said Robert M. Patterson, chairman, president and CEO, PolyOne Corporation.
“Looking back at the Spartech acquisition completed in 2013, there were a number of positive, value-creating elements of the deal,” Patterson added, “These include the color concentrate and formulation assets that have seamlessly integrated into the other segments of PolyOne, as well as the beginnings of our IQ Design services which are now broadly used across the entire company. We intend to leverage these assets going forward, as well as seek out new investments that expand our material science, polymer formulation and world-class service capabilities.”
The sale of DSS is subject to satisfaction of regulatory requirements and other customary closing conditions, which the company expects to be completed in the third quarter of 2017. Proceeds from the sale will be used to pay down short-term borrowings and fund ongoing growth initiatives.
“The decision to divest DSS comes after evaluating several strategic options for the business and concluding this is the best course of action for our customers, associates and shareholders,” said Robert M. Patterson, chairman, president and CEO, PolyOne Corporation.
“Looking back at the Spartech acquisition completed in 2013, there were a number of positive, value-creating elements of the deal,” Patterson added, “These include the color concentrate and formulation assets that have seamlessly integrated into the other segments of PolyOne, as well as the beginnings of our IQ Design services which are now broadly used across the entire company. We intend to leverage these assets going forward, as well as seek out new investments that expand our material science, polymer formulation and world-class service capabilities.”
The sale of DSS is subject to satisfaction of regulatory requirements and other customary closing conditions, which the company expects to be completed in the third quarter of 2017. Proceeds from the sale will be used to pay down short-term borrowings and fund ongoing growth initiatives.