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People & Business :: Companies
OxyChem and PolyOne Swap JVs
11:06 AM MDT | August 7, 2007 | Nancy Seewald
OxyChem has acquired the 24% stake it did not already own in OxyVinyls, its joint venture with PolyOne, for $261 million. Under the deal, PolyOne will retain existing polyvinyl chloride (PVC) resin and vinyl chloride monomer supply contracts through 2024. In a related transaction, PolyOne has acquired the 10% it did not already own in PVC Powder Blends, its PVC compounding jv with OxyChem, for $11 million. PolyOne will use proceeds of the OxyVinyls sale to reduce debt, including its entire outstanding balance of $141.37 million in aggregate principal amount of...
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