PolyOne Corporation (NYSE:POL) Files An 8-K Entry into a Material Definitive AgreementItem 1.01. Entry into a Material Definitive Agreement.
On June 29, 2017, PolyOne Corporation (the “Company”), PolyOne Designed Structures and Solutions LLC and Arsenal Capital Partners (the “Purchaser”) entered into a purchase and sale agreement (the “Agreement”). to the terms of the Agreement, the Purchaser has agreed to acquire the Company’s Designed Structures and Solutions business (the “DSS Business”) for $115.0 million, subject to a working capital adjustment. The closing of the transaction is expected to occur early in the third quarter, subject to customary regulatory approvals and the satisfaction or waiver of customary closing conditions.
Item 2.06. Material Impairments.
As a result of the Company’s entry into the Agreement, under United States generally accepted accounting principles, the DSS Business will be classified as “held for sale.” Accordingly, the Company will be required to record the assets related to the DSS Business at fair value, less an amount of estimated sale costs. The Company currently estimates that recording the assets related to the DSS Business at fair value will result in a charge of approximately $220.0 million.
About PolyOne Corporation (NYSE:POL)
PolyOne Corporation is a provider of polymer materials, services and solutions. The Company offers specialty polymer formulations, color and additive systems, plastic sheet and packaging solutions, and polymer distribution. It operates in five segments: Color, Additives and Inks, which provide color and additive concentrates in solid and liquid form for thermoplastics, dispersions for thermosets; Specialty Engineered Materials, which provide specialty polymer formulations, services and solutions for designers, assemblers and processors of thermoplastic materials across a range of markets and end use applications; Designed Structures and Solutions, which provide solutions for engineered polymer structures, rigid barrier packaging and specialty cast acrylics; Performance Products and Solutions, which consist of the Geon Performance Materials and Producer Services business units, and PolyOne Distribution, which distributes over 3,500 grades of engineering and commodity grade resins.
