PolyOne board increases share repurchase authorization amount by 5.25 million shares, bringing total shares available for repurchase to 10 million shares or 11% of outstanding common stock
October 12, 2011
– PolyOne Corporation (NYSE:POL - News), a premier global provider of specialized polymer materials, services and solutions, today announced that its Board of Directors has increased the share repurchase authorization amount by 5.25 million shares.
The new authorization brings the total shares available for repurchase to 10 million shares or approximately 11% of its outstanding common stock. Prior to today, the company had 4.75 million shares available for repurchase under a 2008 authorization.
PolyOne repurchased 2 million shares in the third quarter of 2011 and 1 million shares in each of the first two quarters of 2011. It is anticipated that the Company will buy back shares through open market purchases or privately negotiated transactions from time to time. The number of shares to be purchased and the timing of the purchases will depend upon the prevailing market prices and other considerations. The authorization has no time limit and may be suspended or discontinued at any time.
Commenting on the announcement, Robert M. Patterson, executive vice president and chief financial officer said, "We view our share repurchase program as part of a broader, long-term capital structure strategy whereby the Company can reward shareholders through the combination of cash dividends and share repurchases while simultaneously investing in our growth initiatives."
PolyOne Corporation, with 2010 revenues of $2.6 billion, is a premier provider of specialized polymer materials, services and solutions. Headquartered outside Cleveland, Ohio USA, PolyOne has operations around the world. For additional information on PolyOne, visit our Web site at www.polyone.com.
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