Arsenal Capital Partners has agreed to buy PolyOne Corp.'s (NYSE: POL) designed structures and solutions (DSS) business for $115 million. PolyOne formed the target as part of its 2013 Spartech deal.

DSS provides flilm, polymer and other packaging products. The target serves food, medical, consumer and graphic arts sectors. PolyOne says the transaction will allow it to expand its material science business.

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