PolyOne Announces Share Repurchase Program
August 18 2008 - 4:05PM
PR Newswire (US)
CLEVELAND, Aug. 18 /PRNewswire-FirstCall/ -- PolyOne Corporation
(NYSE: POL), a premier global provider of specialized polymer
materials, services and solutions, today announced that the
Company's Board of Directors has authorized the repurchase of up to
10 million shares or approximately 10.7% of its outstanding common
stock. It is anticipated that the Company will buy back shares
through open market purchases or privately negotiated transactions
from time to time, utilizing the Company's cash flow to fund the
share repurchases. The number of shares to be purchased and the
timing of the purchases will depend upon the prevailing market
prices and any other considerations that may, in the opinion of the
Board of Directors or management, affect the advisability of
repurchasing shares. The authorization has no time limit and may be
suspended or discontinued at any time. Commenting on the
announcement, Robert M. Patterson, senior vice president and chief
financial officer said, "The share repurchase program is part of a
broader, long-term capital structure program whereby the Company
will seek to simultaneously reduce total debt, maintain adequate
liquidity to improve our credit ratings as earnings improve, and
have sufficient capital for strategic growth initiatives." About
PolyOne PolyOne Corporation, with annual revenues of more than $2.7
billion, is a premier provider of specialized polymer materials,
services and solutions. Headquartered outside of Cleveland, Ohio
USA, PolyOne has operations around the world. For additional
information on PolyOne, visit our new Web site at
http://www.polyone.com/ . 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; future performance; results of current
and anticipated market conditions and market strategies; 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 possibility that the degradation in the North American
residential construction market is more severe than anticipated; --
PolyOne's ability to realize anticipated savings and operational
benefits from its realigning of assets, including those related to
closure of certain production facilities; -- 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, except as required by law.
You are advised, however, to consult any further disclosures we
make on related subjects in our reports on Forms 10-Q, 8-K and 10-K
furnished to the SEC. You should understand that it is not possible
to predict or identify all risk factors. Consequently, you should
not consider any such list to be a complete set of all potential
risks or uncertainties. DATASOURCE: PolyOne Corporation CONTACT:
Investor Relations: Robert M. Patterson, Senior Vice President
& Chief Financial Officer, PolyOne Corp., +1-440-930-3302, Web
site: http://www.polyone.com/
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