31 January 2007 – Compounder, distributor and colour specialist PolyOne has set out a number of positive targets after boosting operating profit last year by 36% to $190.2m on turnover 7% up at $2.62bn.
With Dr Cecil Chappelow coming on board this month as vice president of research and innovation, the US group plans to accelerate “global development of its technologies and services.” It is now half way to meeting its 18 month target of 100 new recruits in sales, marketing and R & D, it says.
Last year, saw PolyOne file 25 patents, double the previous year’s figure and it has set its new Engineered Materials plant in Ohio the goal of formulating and producing speciality thermoplastics compounds ”that meet customers’ critical requirements.”
PolyOne profits broadly declined on a quarterly basis in 2006 with an operating profit of $22.4m in the fourth quarter compared with $67.9m in the opening three months. The downward pattern was led by the group’s Vinyl business and International Color and Engineered Materials.
Chairman, president and ceo Stephen Newlin expressed satisfaction with ”the overall strength of our 2006 financial performance and progress in mapping out and implementing our strategic initiatives.” He attributed the fourth quarter decline to “the volatile nature of a commodity business.”
While expecting a rebound in the first quarter of 2007, PolyOne is warning that business will continue to be adversely affected by the sluggishness in automotive and construction markets.
