MOSCOW (MRC) -- PolyOne Corporation, a premier global provider of specialized polymer materials, services and solutions, has announced a realignment of its manufacturing assets in Brazil, as per the company's press release.
As part of the realignment, PolyOne will close manufacturing plants located in Diadema and Joinville, Brazil. The company will continue to operate and invest in its facilities in Novo Hamburgo and Itupeva, Brazil, while offering specialty solutions throughout the region.
"This asset realignment will accelerate our specialty strategy in Brazil, streamline our operations, and improve our financial performance in the region," said Robert M. Patterson, president and chief executive officer, PolyOne Corporation. "Further, these actions will increase our focus on specialty solutions for customers, consistent with current and future market trends in this important and strategic market."
The company expects to incur cash costs of approximately USD5 million associated with these actions and non-cash charges of USD12 million primarily associated with accelerated depreciation and asset impairments. PolyOne will provide additional detail and discussion on the strategic realignment during its Q2 2014 earnings call on July 22, 2014.
As MRC wrote before, in June, PolyOne Corporation has presented its specialty portfolio for automotive interiors to designers and engineers at the 2014 WardsAuto Interiors conference. These advanced technologies, including soft-touch materials as well as colorants and special effects, enable customers to design new features that boost consumer appeal and reduce manufacturing complexity.
We also remind that in February 2014, PolyOne Corporation announced the addition of new capabilities to its OnColor HC Plus portfolio. These expanded offerings add medical-grade LDPE, nylon, PEBA, PS and PVC to the globally available palette of specialty healthcare colorants, and are pre-certified to meet or exceed biocompatibility requirements for ISO 10993 and/or USP Class VI protocols.
PolyOne Corporation, with 2013 revenues of USD3.8 billion, is a global provider of specialized polymer materials, services, and solutions. PolyOne is a provider of specialized polymer materials, services and solutions with operations in specialty polymer formulations, color and additive systems, polymer distribution and specialty vinyl resins.
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