Mexichem SAB de CV is buying PolyOne Corp.’s (NYSE: POL) remaining resin assets for $250 million in cash.
The assets generated $147 million in revenue for 2012.
PolyOne had already sold off resin segments Oxy Vinyls in 2007 and SunBelt in 2011. The assets Mexichem will buy are its last resin assets. Resin is commonly used to make varnishes, adhesives and glazing products. The company focuses on specialized polymer materials and services, including vinyl manufacturing, color additives, polyurethane and inks.
The deal is expected to be dilutive to earnings in the near future, but PolyOne said it believes the deal is in the best interests of its customers and shareholders to focus on specialty polymer materials instead of resin production. The company agreed to buy Spartech (NYSE: SHE) for $393 million in October.
Mexichem, headquartered in Tlalnepantla, Mexico, is a chemical company.