23 Jan 2004
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 of these units to reduce debt.
The firm did not comment on progress toward finding buyers for the units, but said it is “confident†the proceeds will be at the level anticipated in October when the spin-off plans were disclosed.
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