Specialized polymer materials, services and solutions company PolyOne has agreed to sell its vinyl dispersion, blending and suspension resin assets to Mexico-based Mexichem for $250 million in cash, the companies said on Monday.
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.
"Since we began our specialty transformation, we have divested commodity equity investments including oxy vinyls in 2007 and SunBelt in 2011 and reinvested the proceeds to accelerate the growth of our specialty offerings," said Stephen D. Newlin, CEO of PolyOne.
"As our only remaining business involved in the direct manufacture of base resins, we view the sale of our resin production assets as a natural and next step in the evolution of our portfolio."