PolyOne reports 32% increase in revenue
The PolyOne Corporation reported that full year revenue in 2013 was US$3.8 billion, a 32% increase compared to 2012, primarily driven by the acquisitions of Spartech and Glasforms.In the fourth quarter of 2013 alone, PolyOne recorded a 42% year on year increase in revenue, which was amounted to US$924 million.
“I am extremely pleased with our fourth quarter performance, which brings to a close another record year for PolyOne,” says Stephen D. Newlin, Chairman, President and CEO. “Since our specialty transformation began, we have worked tirelessly to overhaul our culture and portfolio of businesses. This year we divested our last remaining base resin assets and reinvested the proceeds in our Specialty Platform with the acquisition of Spartech. These ambitious moves allowed us to strengthen the broadest portfolio of specialty offerings in the industry and further improve an underlying mix of earnings that has never been stronger.”
Commenting on the Spartech acquisition, Robert M. Patterson, Executive Vice President and Chief Operating Officer, says, “We’re very pleased with the speed at which we have been able to capture initial synergies and deliver operating income growth beyond our preliminary expectations. In many ways, the expansion of Spartech’s profitability is a replay of how we improved PolyOne in our transformation, only faster. We have clearly demonstrated our ability to implement and execute proven best practices in previously underperforming businesses.”
Mr Newlin is expecting another strong performance this year. “We finished 2013 very strong, building on our momentum throughout the year, and we are in an excellent position for another record year in 2014 with strong double-digit adjusted earnings per share growth. We anticipate our specialty platform will lead the way with new product introductions, growth from emerging markets and further accretion from the legacy Spartech businesses,” he says.