PolyOne Corporation, a premier global provider of specialized polymer materials, services and solutions, announced that the Company's Board of Directors has authorized the repurchase of up to 10 mln 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." PolyOne Corporation, with annual revenues of more than US$2.7 bln, is a premier provider of specialized polymer materials, services and solutions. Headquartered outside of Cleveland, Ohio USA, PolyOne has operations around the world.
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