CLEVELAND -- PolyOne Corporation (NYSE: POL), a leading global provider of specialized polymer materials, services and solutions, has entered the fast-growing Indian market with the opening of a business development office in Mumbai. This move is another step toward the Company's goal to significantly and rapidly expand its global business outside North America.
"PolyOne has entered India to support our global customers, who want us there as they expand in this region, and to develop new opportunities within this market," said Bernard Baert, senior vice president and general manager, International Colors and Engineered Materials. "Our full range of vinyl and engineered compounds and color additives will find attractive new uses in this rapidly growing part of the world."
A core component of PolyOne's strategy is to enlarge its global footprint. The Company has stated that by 2010, it expects to generate 30 percent of its revenues outside North America. In 2005, PolyOne opened its third compounding facility in southern China, and the Company already has invested to expand the plant's capacity. In addition, PolyOne is building a color compounding plant in Poland, where it expects to begin operations in the second quarter of 2007.
In October 2006, PolyOne announced that it had signed a definitive agreement to acquire 95 percent of the vinyl compounding assets and operations of Ngai Hing PlastChem Company Ltd., a subsidiary of Ngai Hing Hong Company Limited. The transaction is expected to close during the first half of 2007, pending completion of Stock Exchange of Hong Kong requirements, approval by governmental authorities and other customary closing conditions.
About PolyOne
PolyOne Corporation, with 2005 annual revenues of approximately $2.5 billion, is a leading global provider of specialized polymer materials, services and solutions. Headquartered in northeast Ohio, PolyOne has operations in North America, Europe, Asia and Australia, and joint ventures in North America and South America.
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