PolyOne Completes Acquisition of Ngai Hing PlastChem |
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Polyone
5701 Union Pacific Ave.
Los Angeles, CA, 90022
USA
Press release date: January 11, 2008
Acquisition enhances globalization strategy
CLEVELAND, Jan. 11 / -- PolyOne Corporation (NYSE:POL), a leading global provider of specialized polymer materials, services and solutions, announced today that it has completed its previously announced acquisition of the assets and operations of Ngai Hing PlastChem Company Ltd., the vinyl compounding subsidiary of Ngai Hing Hong Company Limited. A subsidiary of Ngai Hing Hong will hold a 5% interest in the new company that PolyOne will establish to conduct its vinyl compound business in Asia.
This acquisition expands PolyOne's geographic footprint and is further testament to the company's globalization emphasis, one of the four key components of PolyOne's overall corporate strategy. Globalization moves PolyOne into high-growth markets where its customers are migrating, and positions the company to serve them with consistency everywhere in the world.
"The acquisition of Ngai Hing PlastChem Company creates further opportunities for us in Asia, in line with our globalization strategy," said Robert M. Rosenau, senior vice president and general manager - Vinyl Business. "We look forward to accelerating our global growth and delivering the value our customers expect from PolyOne."
Included in the transaction is the transfer of a manufacturing facility in Dongguan, a city in the Guangdong province of southern China. This plant will be PolyOne's fourth manufacturing site in China; the other three make a broad array of specialty products for the business equipment, electrical, packaging and textile printing markets.
About PolyOne PolyOne Corporation, with 2006 annual revenues of $2.6 billion, is a leading global provider of specialized polymer materials, services and solutions. Headquartered outside of Cleveland, Ohio, PolyOne has operations across the world. See www.polyone.com for additional information on PolyOne.
Source: PolyOne Corporation
CONTACT: Investors: W. David Wilson, Senior Vice President & Chief Financial Officer, +1-440-930-3204, or Media: John Daggett, Director of Corporate Communications, +1-440-930-3162, both of PolyOne Corporation
Web site: http://www.polyone.com/
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