PolyOne: Sale of SunBelt Investment
PolyOne Corporation, Cleveland, Ohio/USA, has sold its 50% ownership interest in SunBelt Chlor Alkali Partnership to Olin Corporation.
SunBelt, a chlor alkali manufacturer, is a 50/50 joint venture formed in 1996 between PolyOne (formerly The Geon Company) and Olin. PolyOne’s stake in SunBelt was sold to Olin for USD 175 million, including USD 132 million in cash and the assumption of PolyOne’s guarantee of USD 43 million of SunBelt debt, with an additional earn out over the next three years if certain performance metrics are achieved. For PolyOne the sale of SunBelt represents another step in their transformation and portfolio repositioning as the company intends to use the proceeds to accelerate specialty platform growth.
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