AVON LAKE, Ohio—PolyOne Corp. has completed the sale of its Performance Products and Solutions business.
The specialty polymer company sold the business to private investment firm SK Capital Partners for $775 million in cash, according to a news release. The deal was first announced in August.
PolyOne expects to see a pretax gain of $600 million from the sale. Proceeds will go toward the company's balance sheet and future growth initiatives.
PolyOne saw 2018 revenues of $2.9 billion.
"As we look to the future, we are confident that SK Capital will further increase value for customers and stakeholders," PolyOne chairman, president and CEO Robert M. Patterson said in the release. "We count ourselves among them, as PP&S will continue to supply certain PolyOne applications and be an important partner for our distribution business."
In its own news release, SK Capital announced that it was renaming the former PolyOne business Geon Performance Solutions. Geon was one of the brands in the business unit under PolyOne.
The new company, which has 12 global manufacturing locations, will be headquartered in Avon Lake. Dave Mezzanotte, an SK Capital director, will serve as interim CEO of Geon.
"I am excited to lead the Geon team as we establish the company as a thriving independent company," Mezzanotte said in the release. "We remain committed to the highest standards in manufacturing, quality and reliability, and will focus on strengthening our partnership with our customers, suppliers and associates to deliver on the next wave of innovation and operational excellence."
New York-based SK Capital focuses on the specialty materials, chemicals and pharmaceuticals markets.