US-based specialised polymer materials and services provider PolyOne has sold its Performance Products and Solutions (PP&S) business to private investment firm SK Capital Partners for $775m.

The companies signed a definitive agreement in August. PolyOne will invest the proceeds from the sale to boost its balance sheet and fund growth initiatives such as speciality acquisitions and sustainable solutions.

PolyOne chairman, president and CEO Robert M Patterson said: “We are pleased to have completed the divestiture of PP&S.”

“Since 2006, we have invested in and grown PP&S, and it has played an important role in our transformation and value creation.

“As we look to the future, we are confident that SK Capital will further increase value for customers and stakeholders. We count ourselves among them, as PP&S will continue to supply certain PolyOne applications and be an important partner for our Distribution business.”

In a separate development, the company launched a thermoplastic elastomer (TPE) reSound OM, which stands for overmolding. It is a part of the firm’s sustainable solutions portfolio.

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The polymer provider said that the new formulations contain between 40% and 50% of bio-renewable material.

PolyOne Specialty Engineered Materials global marketing director Jim Mattey said: “New reSound OM grades address both goals by leveraging a significant amount of renewable content without compromising the material’s properties.”

The company’s product portfolio consists of four overmolding grades that are compatible with rigid polypropylene and one suited for overmolding onto ABS.

In 2018, PolyOne generated revenue of $3.5bn. The company employs 6,900 associates and is a founding member of the Alliance to End Plastic Waste.