PolyOne to sell PP&S business to SK Capital Partners for $775M in cash
PolyOne announced it has entered into a definitive agreement to sell its performance products and solutions, or PP&S, business to SK Capital Partners for $775M in cash. PolyOne expects to record a pre-tax gain of approximately $600M at the time the sale is completed. With sales of approximately $700M, PP&S is a global provider of formulated PVC and polypropylene based solutions, as well as contract manufacturing services, primarily serving the North American construction and automotive end markets. In accordance with US GAAP, the company expects the PP&S business will be classified as "held for sale" and reported as a discontinued operation. The sale is subject to satisfaction of regulatory requirements and other customary closing conditions, which the company expects to be completed during Q4. The company will discuss additional details of the transaction on its Q3 conference call.