PolyOne Corp. has completed the previously announced sale of its Performance Products and Solutions business to New York-based SK Capital for $775 million in cash with an expected pre-tax gain of $600 million.           

“We are pleased to have completed the divestiture of PP&S,” PolyOne Chairman, President and CEO Robert M. Patterson said in a statement. "Since 2006, we have invested in and grown PP&S, and it has played an important role in our transformation and value creation. As we look to the future, we are confident that SK Capital will further increase value for customers and stakeholders. We count ourselves among them, as PP&S will continue to supply certain PolyOne applications and be an important partner for our distribution business."

The $2.8 billion company noted that proceeds from the sale will be used to strengthen its balance sheet and fund future growth initiatives, including investing in sustainable solutions and specialty acquisitions. 

PolyOne is a provider of specialized polymer materials, services and solutions and has about 5,700 employees.