CLEVELAND, Aug. 18, 2015 /PRNewswire/ -- PolyOne Corporation (NYSE: POL), a leading global provider of specialty polymer materials, services and solutions, continues to take strategic integration actions with the former Spartech business to improve service, quality and on-time delivery to customers. The company is further realigning assets and investing in commercial and operational excellence initiatives to streamline production and gain efficiencies.
PolyOne continues to make investments in new equipment, information systems and processes at several DSS manufacturing plants. Examples include further capacity improvement and technology expansion planned for its Greenville, Ohio facility with the addition of new specialty PETG and Royalite™ sheet manufacturing lines in 2016, and increasing prototyping capability at its St. Louis Innovation Center to help accelerate the design and formulation process for customers.
In addition, PolyOne today commenced the closure of its Granby, Quebec, Canada facility and will shift production to other existing sheet and rollstock facilities within the company's manufacturing network.
"A core focus in transforming DSS is aligning our manufacturing assets with the voice of the customer while continually making investments for the future," said Robert M. Patterson, president and chief executive officer, PolyOne Corporation. "Our latest actions provide a more streamlined and sustainable manufacturing footprint from which we can better serve our customers. At the same time, we're also investing in our operations and commercial capabilities consistent with what is required to drive specialty transformation within DSS and achieve our 2020 Platinum Vision."
Rich Altice, president, Designed Structures and Solutions, PolyOne Corporation, stressed that DSS continues to focus on the same four-pillar strategy that originally transformed PolyOne Corporation into a specialty company.
"Compared to the early part of the year, our recent performance in key metrics such as on-time delivery and scrap rates is improving, and our Lean Six Sigma based process improvements have gained traction." said Mr. Altice. "I'm encouraged by our team's initiative, our customer interactions and new business gains, as well as the cross-business unit activity within PolyOne to help us grow within the specialty space."
PolyOne Corporation, with 2014 revenues of $3.8 billion, is a premier provider of specialized polymer materials, services and solutions. The company is dedicated to serving customers in diverse industries around the globe, by creating value through collaboration, innovation and an unwavering commitment to excellence. Guided by its Core Values, Sustainability Promise and No Surprises PledgeSM, PolyOne is committed to its customers, employees, communities and shareholders through ethical, sustainable and fiscally responsible principles. For more information, visit www.polyone.com.
In this press release, statements that are not reported financial results or other historical information are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give current expectations or forecasts of future events and are not guarantees of future performance. They are based on management's expectations that involve a number of business risks and uncertainties, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. They use words such as "will," "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," and other words and terms of similar meaning in connection with any discussion of future operating or financial condition, performance and/or sales. Factors that could cause actual results to differ materially from those implied by these forward-looking statements include, but are not limited to: our ability to realize anticipated savings and operational benefits from the realignment of assets, including the closure of manufacturing facilities; the timing of closings and shifts of production to new facilities related to asset realignments and any unforeseen loss of customers and/or disruptions of service or quality caused by such closings and/or production shifts; separation and severance amounts that differ from original estimates; amounts for non-cash charges related to asset write-offs and accelerated depreciation realignments of property, plant and equipment, that differ from original estimates; our ability to identify and evaluate acquisition targets and consummate acquisitions; the ability to successfully integrate acquired companies into our operations, retain the management teams of acquired companies and retain relationships with customers of acquired companies including, without limitation, Spartech Corporation and/or Accella Performance Materials; disruptions, uncertainty or volatility in the credit markets that could adversely impact the availability of credit already arranged and the availability and cost of credit in the future; the financial condition of our customers, including the ability of customers (especially those that may be highly leveraged and those with inadequate liquidity) to maintain their credit availability; the speed and extent of an economic recovery, including the recovery of the housing market; our ability to achieve new business gains; the effect on foreign operations of currency fluctuations, tariffs and other political, economic and regulatory risks; changes in polymer consumption growth rates and laws and regulations regarding the disposal of plastic in jurisdictions where we conduct business; changes in global industry capacity or in the rate at which anticipated changes in industry capacity come online; fluctuations in raw material prices, quality and supply and in energy prices and supply; production outages or material costs associated with scheduled or unscheduled maintenance programs; unanticipated developments that could occur with respect to contingencies such as litigation and environmental matters; an inability to achieve or delays in achieving or achievement of less than the anticipated financial benefit from initiatives related to working capital reductions, cost reductions and employee productivity goals; an inability to raise or sustain prices for products or services; an inability to maintain appropriate relations with unions and employees; our ability to continue to pay cash dividends; the amount and timing of repurchases of our common shares, if any; and other factors affecting our business beyond our control, including, without limitation, changes in the general economy, changes in interest rates and changes in the rate of inflation. The above list of factors is not exhaustive.
We undertake no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise. You are advised to consult any further disclosures we make on related subjects in our reports on Form 10-Q, 8-K and 10-K that we provide to the Securities and Exchange Commission
SOURCE PolyOne Corporation