CLEVELAND (April 29)—PolyOne Corp.'s Elastomers & Performance Additives business unit posted a 1-percent increase in first-quarter sales to $95 million, based on a 16-percent rise in volume.
Including charges, PolyOne's for-sale Elastomers & Performance Additives unit's first-quarter earnings came in at $7.8 million—5 percent lower than the same period last year. PolyOne listed charges totaling $5.5 million for the closure of two Elastomers & Performance Additives plants and an Engineered Films' facility in the first quarter of 2004.
PolyOne said in its latest earnings statement it still expects to sell its Elastomers & Performance Additives, Specialty Resins and Engineered Films businesses. For the second quarter, PolyOne said the three units "should realize the benefit of lower costs from the plant closings completed earlier this year. The net result is that the discontinued businesses should contribute improved net income of $1 million to $2 million compared with the first quarter of 2004."