PolyOne Announces Price Increases
June 02 2008 - 5:35PM
PR Newswire (US)
CLEVELAND, June 2 /PRNewswire-FirstCall/ -- PolyOne Corporation
(NYSE: POL), a leading global provider of specialized polymer
materials, services and solutions, today announced price increases
of up to 20 percent, a result of the ongoing, unprecedented
escalation of costs associated with raw materials, energy and
transportation. The price increases will apply across all PolyOne
business units and geographies, and took effect June 1, or will
take effect June 15 or July 1, 2008, as current agreements allow.
Specific price adjustments will depend upon each product's exposure
to these cost increases. "In the past week, major industry
suppliers have announced significant price increases on key raw
materials. These well-publicized increases and substantial
escalation of energy and distribution costs have put considerable
pressure on everyone in the value chain to move prudently to
mitigate their effects," said Stephen D. Newlin, chairman,
president and chief executive officer. "We owe it to our customers
to provide them with solutions that create value and help them
manage their total cost of operations. We're doing everything we
can through our focus on operational excellence and supply chain
efforts to reduce cost pressures. However, these recent
developments compel us to take pricing actions that enable us to
continue to support our customers with industry-leading products,
services and support." About PolyOne PolyOne Corporation, with
annual revenues of more than $2.7 billion, is a leading global
provider of specialized polymer materials, services and solutions.
Headquartered outside of Cleveland, Ohio USA, PolyOne has
operations around the globe. For additional information on PolyOne,
visit our new Web site at http://www.polyone.com/ . PolyOne's
materials solutions include engineered resins and compounds; color
and additive concentrates; thermoplastic elastomers; screen
printing inks and dyes; low smoke and fume, zero halogen (LSFOH)
compounds; plasticizers; general-purpose resins and compounds; and
Geon(TM) vinyl resins and compounds. Forward-looking Statements In
this press release, statements that are not reported financial
results or other historical information are "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements give current
expectations or forecasts of future events and are not guarantees
of future performance. They are based on management's expectations
that involve a number of business risks and uncertainties, any of
which could cause actual results to differ materially from those
expressed in or implied by the forward-looking statements. You can
identify these statements by the fact that they do not relate
strictly to historic or current facts. They use words such as
"will," "anticipate," "estimate," "expect," "project," "intend,"
"plan," "believe," and other words and terms of similar meaning in
connection with any discussion of future operating or financial
performance and/or sales. In particular, these include statements
relating to future actions; prospective changes in raw material
costs, product pricing or product demand; future performance;
results of current and anticipated market conditions and market
strategies; sales efforts; expenses; the outcome of contingencies
such as legal proceedings; and financial results. Factors that
could cause actual results to differ materially include, but are
not limited to: -- the effect on foreign operations of currency
fluctuations, tariffs, nationalization, exchange controls,
limitations on foreign investment in local businesses and other
political, economic and regulatory risks; -- changes in polymer
consumption growth rates within the U.S., Europe or Asia or other
countries where PolyOne conducts business; -- changes in global
industry capacity or in the rate at which anticipated changes in
industry capacity come online in the polyvinyl chloride (PVC),
chlor-alkali, vinyl chloride monomer (VCM) or other industries in
which PolyOne participates; -- fluctuations in raw material prices,
quality and supply and in energy prices and supply, in particular
fluctuations outside the normal range of industry cycles; --
production outages or material costs associated with scheduled or
unscheduled maintenance programs; -- the cost of compliance with
environmental laws and regulations, including any increased cost of
complying with new or revised laws and regulations; --
unanticipated developments that could occur with respect to
contingencies such as litigation and environmental matters,
including any developments that would require any increase in our
costs and/or reserves for such contingencies; -- an inability to
achieve or delays in achieving or achievement of less than the
anticipated financial benefit from initiatives related to PolyOne's
specialization strategy, operational excellence initiatives, cost
reductions and employee productivity goals; -- an inability to
raise or sustain prices for products or services; -- an inability
to maintain appropriate relations with unions and employees in
certain locations in order to avoid business disruptions; -- any
change in any agreements with product suppliers to PolyOne
Distribution that prohibits PolyOne from continuing to distribute a
supplier's products to customers; -- the ability to successfully
integrate GLS; -- the ability to successfully integrate Ngai Hing
PlastChem, and -- other factors affecting our business beyond our
control, including, without limitation, changes in the general
economy, changes in interest rates and changes in the rate of
inflation. We cannot guarantee that any forward-looking statement
will be realized, although we believe we have been prudent in our
plans and assumptions. Achievement of future results is subject to
risks, uncertainties and inaccurate assumptions. Should known or
unknown risks or uncertainties materialize, or should underlying
assumptions prove inaccurate, actual results could vary materially
from those anticipated, estimated or projected. Investors should
bear this in mind as they consider forward-looking statements. We
undertake no obligation to publicly update forward-looking
statements, whether as a result of new information, future events
or otherwise. You are advised, however, to consult any further
disclosures we make on related subjects in our reports on Form
10-Q, 8-K and 10-K that we provide to the Securities and Exchange
Commission. You should understand that it is not possible to
predict or identify all risk factors. Consequently, you should not
consider any list to be a complete set of all potential risks or
uncertainties. (Ref. #32108) DATASOURCE: PolyOne Corporation
CONTACT: David Honeycutt, Director of Marketing Communications of
PolyOne Corporation, +1-440-930-3154, Web site:
http://www.polyone.com/
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