Written on 03.12.2010 - Industry
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PolyOne sells 50% stake in BayOne Urethane Systems to Bayer

PolyOne announced that it has sold its 50% ownership interest in BayOne Urethane Systems LLC to Bayer MaterialScience LLC.

Terms of this transaction were not disclosed. In April 2003 PolyOne and Bayer Polymers LLC have formed BayOne Urethane Systems as a 50/50 joint venture to develop and market polyurethane systems in the US and Canada.

PolyOne said that this is a further step to continue its portfolio repositioning. In another transaction, it collected 100 % of its outstanding note receivable of USD 25.6 million from Excel Polymers. “Our portfolio repositioning continues as we emphasize specialty platform assets we own and control,” said Robert M. Patterson, senior vice president and chief financial officer. “The cash proceeds received from these transactions further fortifies our balance sheet and provides additional liquidity to support our organic and M&A growth strategy.”

Through the first nine months of 2010, PolyOne had recorded USD 2.2 million of equity earnings representing its 50 % share of BayOne joint venture profits and USD 1.7 million of interest income on its note receivable from Excel.