PolyOne Declares Force Majeure on Shipments From SunBelt Chlor Alkali Partnership
18 September 2008 - 10:00PM
PR Newswire (US)
CLEVELAND, Sept. 18 /PRNewswire-FirstCall/ -- PolyOne Corporation
(NYSE: POL), a premier global provider of specialized polymer
materials, services and solutions, along with Olin Corporation,
declared a force majeure for caustic soda shipments from the
SunBelt Chlor Alkali Partnership ("SunBelt") plant located in
McIntosh, Alabama until further notice. The force majeure was
declared primarily due to the continuing effects of Hurricanes
Gustav and Ike, which caused SunBelt to temporarily shut down
because it has no orders for chlorine due to a force majeure
declaration by Oxy Vinyls, LP, SunBelt's sole chlorine customer,
and caused Union Pacific Railroad to declare an embargo on chlorine
shipments to all areas between Dayton, Texas and Brownsville,
Texas. The impacted Oxy Vinyls, LP facility is located in La Porte,
TX, which is within the area for which Union Pacific Railroad
declared an embargo. About PolyOne PolyOne Corporation, with annual
revenues of more than $2.7 billion, is a premier provider of
specialized polymer materials, services and solutions.
Headquartered outside of Cleveland, Ohio USA, PolyOne has
operations around the world. For additional information on PolyOne,
visit our new Web site at http://www.polyone.com/. Forward-looking
Statements In this press release, statements that are not reported
financial results or other historical information are
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements give current expectations or forecasts of future events
and are not guarantees of future performance. They are based on
management's expectations that involve a number of business risks
and uncertainties, any of which could cause actual results to
differ materially from those expressed in or implied by the
forward-looking statements. You can identify these statements by
the fact that they do not relate strictly to historic or current
facts. They use words such as "will," "anticipate," "estimate,"
"expect," "project," "intend," "plan," "believe," and other words
and terms of similar meaning in connection with any discussion of
future operating or financial performance and/or sales. In
particular, these include statements relating to future actions;
future performance; results of current and anticipated market
conditions and market strategies; and financial results. Factors
that could cause actual results to differ materially include, but
are not limited to: -- the effect on foreign operations of currency
fluctuations, tariffs, nationalization, exchange controls,
limitations on foreign investment in local businesses and other
political, economic and regulatory risks; -- changes in polymer
consumption growth rates within the U.S., Europe or Asia or other
countries where PolyOne conducts business; -- changes in global
industry capacity or in the rate at which anticipated changes in
industry capacity come online in the polyvinyl chloride (PVC),
chlor-alkali, vinyl chloride monomer (VCM) or other industries in
which PolyOne participates; -- fluctuations in raw material prices,
quality and supply and in energy prices and supply, in particular
fluctuations outside the normal range of industry cycles; --
production outages or material costs associated with scheduled or
unscheduled maintenance programs; -- the cost of compliance with
environmental laws and regulations, including any increased cost of
complying with new or revised laws and regulations; --
unanticipated developments that could occur with respect to
contingencies such as litigation and environmental matters,
including any developments that would require any increase in our
costs and/or reserves for such contingencies; -- an inability to
achieve or delays in achieving or achievement of less than the
anticipated financial benefit from initiatives related to PolyOne's
specialization strategy, operational excellence initiatives, cost
reductions and employee productivity goals; -- an inability to
raise or sustain prices for products or services; -- an inability
to maintain appropriate relations with unions and employees in
certain locations in order to avoid business disruptions; -- any
change in any agreements with product suppliers to PolyOne
Distribution that prohibits PolyOne from continuing to distribute a
supplier's products to customers; -- the possibility that the
degradation in the North American residential construction market
is more severe than anticipated; -- PolyOne's ability to realize
anticipated savings and operational benefits from its realigning of
assets, including those related to closure of certain production
facilities; and -- other factors affecting our business beyond our
control, including, without limitation, changes in the general
economy, changes in interest rates and changes in the rate of
inflation. We cannot guarantee that any forward-looking statement
will be realized, although we believe we have been prudent in our
plans and assumptions. Achievement of future results is subject to
risks, uncertainties and inaccurate assumptions. Should known or
unknown risks or uncertainties materialize, or should underlying
assumptions prove inaccurate, actual results could vary materially
from those anticipated, estimated or projected. Investors should
bear this in mind as they consider forward-looking statements. We
undertake no obligation to publicly update forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required by law. You are advised, however,
to consult any further disclosures we make on related subjects in
our reports on Forms 10-Q, 8-K and 10-K furnished to the SEC. You
should understand that it is not possible to predict or identify
all risk factors. Consequently, you should not consider any such
list to be a complete set of all potential risks or uncertainties.
DATASOURCE: PolyOne Corporation CONTACT: Robert M. Patterson,
Senior Vice President & Chief Financial Officer, PolyOne Corp.,
+1-440-930-3302, Web site: http://www.polyone.com/
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