PolyOne to sell stake in Italian joint venture

CLEVELAND (Dec. 4)—PolyOne Corp. and Italy-based So.F.teR S.p.A., a thermoplastic elastomer compounder, said PolyOne sold its majority interest in So.F.teR while retaining licensing of certain key technologies. Under terms of the agreement, PolyOne sold its 70-percent share to an Italian company. The purchase price of the transaction wasn't disclosed. PolyOne will continue to have exclusive technology and trademark license for production and sale of So.F.teR's Forprene-brand thermoplastic vulcanizate technology in North America and Asia, and will continue to represent the company's products on a distribution basis to PolyOne customers in Europe. PolyOne and So.F.teR's relationship started in 1998 when M.A. Hanna Co. entered a joint venture with Bifan S.A., a holding company that controlled So.F.teR.