US-based compounder PolyOne has entered into an agreement to sell its vinyl dispersion, blending and suspension resin assets to Mexican petrochemical firm Mexichem for US$250 million in cash. The sale is subject to regulatory requirements and other customary closing conditions. The business PolyOne is selling is part of its performance products and solutions segment and had a turnover of US$147 million in 2012.

PolyOne says that since it started its speciality transformation, it has divested commodity equity investments including Oxy Vinyls in 2007 and SunBelt in 2011, and reinvested the proceeds to accelerate the growth of its speciality offerings. Since the only remaining business involved the direct manufacture of base resins, it views the sale of the resin production assets as a natural step.

Mexichem manufactures a wide range of petrochemical products and has operations throughout the Americas as well as in Europe and Asia. Last year, Mexichem acquired Netherlands-based PVC pipe manufacturer Wavin for US$667 million. Mexichem has also entered into a joint venture with Petróleos Mexicanos (Pemex; Mexico City) to double its vinyl chloride monomer capacity at Pajaritos, Mexico. Mexichem says it has allocated about US$1.2 billion for acquisitions related to its existing business in 2013.