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PolyOne sells stake in Sunbelt joint venture to Olin for $175 million.(BUSINESS & FINANCE NEWS: UNITED STATES/AMERICAS)(Olin Corp. Olin Chemicals)(Brief article)

Chemical Week

| March 07, 2011 | Bewley, Lindsey | COPYRIGHT 2003 Chemical Week Associates. (Hide copyright information)Copyright

PolyOne has agreed to sell its 50% stake in its SunBelt chlor-alkali joint venture to Olin for $175 million, including $132 million in cash and the assumption of PolyOne's guarantee of $43 million of SunBelt debt. PolyOne will also receive additional payments over the next three years if the operation exceeds certain cash flow targets. Olin will become the 100% owner of the SunBelt's 350,000 m.t./year chlor-alkali plant located within Olin's McIntosh, AL facility.

"For PolyOne, the sale of SunBelt represents another step in our transformation and portfolio repositioning as we intend to use the proceeds to accelerate specialty platform growth," …

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