"The decision to divest DSS comes after evaluating several strategic options for the business and concluding this is the best course of action for our customers, associates and shareholders" said PolyOne.

"We intend to leverage these assets going forward, as well as seek out new investments that expand our material science, polymer formulation and world-class service capabilities. This is what we do best, and I expect PolyOne's now streamlined structure will further improve our focus and accelerate our growth as we pursue our 2020 Platinum Vision" Mr. Patterson added.

The sale of DSS is subject to satisfaction of regulatory requirements and other customary closing conditions, which the company expects to be completed in the third quarter of 2017. Proceeds from the sale will be used to pay down short term borrowings and fund ongoing growth initiatives.

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