PolyOne Corporation (NYSE: POL) today announced it has sold its 50% ownership interest in BayOne Urethane Systems LLC (BayOne) to Bayer MaterialScience LLC. Terms of this transaction were not disclosed. In an unrelated transaction, PolyOne collected 100% of its outstanding note receivable of $25.6 million from Excel Polymers.
"Our portfolio repositioning continues as we emphasize specialty platform assets we own and control," said Robert M. Patterson, senior vice president and chief financial officer. "The cash proceeds received from these transactions further fortifies our balance sheet and provides additional liquidity to support our organic and M&A growth strategy."
Through the first nine months of 2010, PolyOne had recorded $2.2 million of equity earnings representing its 50% share of BayOne joint venture profits and $1.7 million of interest income on its note receivable from Excel.