Polymer materials company PolyOne has sold its 24 per cent interest in Oxy Vinyls to Occidental Chemical (OxyChem), a subsidiary of Occidental Petroleum.
Under the agreement, OxyChem will pay $261m in cash for the share, which PolyOne intends to use to reduce debt. It will also purchase OxyChem’s 10 per cent interest in PVC Power Blends for $11m, which takes PolyOne’s interest in the company to 100 per cent.
PolyOne will continue to maintain supply agreements that it entered into when Oxy Vinyls was formed, including those for the polyvinyl chloride (PVC) resin and vinyl chloride monomer (VCM). The agreements, including extensions, will last through 2024.
Oxy Vinyls, which was formed in May 1999, combined the PVC and VCM businesses of OxyChem and PolyOne to create one of the largest PVC resin suppliers in North America.
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