CLEVELAND (Aug. 6)—PolyOne Corp. has completed the sale of its Elastomers and Performance Additives business to an entity formed by an investor group led by capital investment firms Lion Chemical Capital L.L.C. and ACI Capital Co. Inc.
PolyOne received gross proceeds before associated fees and costs of approximately $120 million, of which $106 million was paid in cash and $14 million in the form of a note from the buyer. This price is within PolyOne´s range of estimates for the sale of the Elastomers unit, which had sales of $349 million through the four quarters ended March 31.
The management team at the elastomer and additives business—headed by John E. Quinn, PolyOne vice president and general manager—will remain in place, according to Lion Capital´s Peter W. De Leeuw, who is expected to become chairman of the new company