CLEVELAND (June 9)—PolyOne Corp. has sold its Melos rubber granulates business in Germany to the unit's management team, supported by investors from a group of European banks and funds. The purchase price was not disclosed.
Melle, Germany-based Melos produces primarily EPDM rubber granulates for the artificial surfacing market, which includes running tracks, sports fields, playgrounds and safety flooring systems. The business, which PolyOne acquired in 1998, had sales last year of about $35 million.
PolyOne retains operations on a portion of the PolyOne Werk Melos GmbH site for making low-smoke and flame, zero-halogen wire and cable insulation compounds, a technology and process application that remains a core business interest for PolyOne.
The company said it will recognize a non-cash charge of about $8 million in the second quarter as a result of the transaction.