PolyOne to take pre-tax charge on divestment plans

From Rubber & Plastics News

Cleveland, Ohio-PolyOne Corp. will take a pre-tax charge of $130 million against fourth-quarter earnings to cover the “estimated impairment” of assets earmarked for divestiture, including the Elastomers and Performance Additives businesses.

PolyOne has designated the operations for sale-Elastomers/Performance Additives, Specialty Resins and Engineered Films-as discontinued operations in its fourth quarter and fiscal 2003 accounts, the firm said recently.

These non-core units employ 2270 and have annual sales of about $600 million. PolyOne said it would use the proceeds from the sale…

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