CLEVELAND, March 16, 2020 /PRNewswire/ -- In anticipation of closing the acquisition of Clariant Masterbatch later this year, PolyOne Corporation, (NYSE:POL) is announcing several changes that will subsequently take place within its leadership team.
Given the size and scope of the pending acquisition of Clariant's masterbatch business, the company will establish two leadership roles with designated regional responsibilities for PolyOne's Color, Additives and Inks segment.
Woon Keat Moh will serve as President of Color, Additives and Inks, for the Americas and Asia regions.
In a new appointment and role, Michael A. Garratt, Senior Vice President, Chief Commercial Officer, will serve as President of Color, Additives and Inks, for the Europe, Middle East and Africa (EMEA) region.
With 30 years of experience in the specialty polymer sector, Mr. Garratt joined PolyOne in 2013 as president of Performance Products & Solutions (PP&S), a position he held until his appointment to Chief Commercial Officer in 2016. Prior to joining PolyOne he held the positions of President at Marmon Utility and Chief Operating Officer of Excel Polymers.
Mr. Garratt's specialty materials career began with the Dow Chemical Company and later DuPont Dow Elastomers, a global joint venture, where he lived in Switzerland for four years and had responsibility for the EMEA region. Originally from the U.K., Mr. Garratt earned a bachelor's degree in applied chemistry from McMaster University in Hamilton, Ontario, Canada, and an MBA from the University of Toronto, in Toronto, Ontario, Canada.
John Midea, Senior Vice President of Global Operations and Process Improvement, will serve as the Integration Leader for the acquisition. Mr. Midea will oversee a cross-functional committee of associates from both companies who will lead the integration.
Mr. Midea has served at PolyOne since 2015 and has successfully led the company's EH&S, Operations, Sourcing, Logistics and Lean Six Sigma efforts. He will continue to serve in these capacities for the company.
Messrs. Midea, Garratt and Moh will work collaboratively to both ensure integration and organic business success of the global Color, Additives and Inks segment.
Cathy K. Dodd, Vice President, Marketing, is being promoted to Senior Vice President, Chief Commercial Officer, replacing Mr. Garratt.
Ms. Dodd joined PolyOne in 2014 and has since led the company's marketing efforts to capture and communicate the immense value PolyOne brings to customers and the full suite of innovative materials and services that enable their sustainability goals. She has led strategic insights and market research, re-invigorated the company's Inside Sales function, and launched a focus on the customer experience that will continue to differentiate PolyOne, as she takes on this expanded role. Prior to PolyOne, Ms. Dodd served in various roles at Eastman Chemical Company, Honeywell and Ashland Oil. Ms. Dodd earned a bachelor's degree in business administration in marketing and management from the University of Kentucky in Lexington, Kentucky.
"I'm very excited for these proven leaders at PolyOne to expand their roles, serve our customers, and inspire our global associates," said Robert M. Patterson, Chairman, President and Chief Executive Officer. "As we await the final regulatory approvals that will facilitate the close of the Clariant Masterbatch acquisition, our team is eagerly preparing to welcome our newest employees and customers to PolyOne."
About PolyOne
PolyOne Corporation (NYSE: POL), with 2019 revenues of $2.9 billion, is a premier provider of specialized polymer materials, services and solutions. The company adds value to global customers and improves sustainability through formulating materials, such as:
- Barrier technologies that preserve the shelf-life and quality of food, beverages, medicine and other perishable goods through high-performance materials that require less plastic
- Light-weighting solutions that replace heavier traditional materials like metal, glass and wood, which can improve fuel efficiency in all modes of transportation
- Breakthrough technologies that minimize wastewater and improve the recyclability of materials and packaging across a spectrum of end uses
PolyOne employs approximately 5,600 associates and is certified ACC Responsible Care® and a founding member of the Alliance to End Plastic Waste. For more information, visit www.polyone.com.
To access PolyOne's news library online, please visit www.avient.com/news.
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. 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 condition, performance and/or sales. Factors that could cause actual results to differ materially from those implied by these forward-looking statements include, but are not limited to: the time required to consummate the acquisition of Clariant's masterbatch business; the satisfaction or waiver of conditions in the Clariant masterbatch purchase agreements; any material adverse changes in Clariant's masterbatch business; the ability to obtain required regulatory or other third-party approvals and consents and otherwise consummate the acquisition of Clariant's masterbatch business; our ability to achieve the strategic and other objectives relating to the acquisition of Clariant's masterbatch business, including any expected synergies; and our ability to successfully integrate Clariant's masterbatch business and achieve the expected results of the acquisitions, including, without limitation, the acquisitions being accretive. The above list of factors is not exhaustive.
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SOURCE PolyOne Corporation
Investor Relations Contact: Joe Di Salvo, Vice President, Treasurer and Investor Relations, PolyOne Corporation, +1 440-930-1921, giuseppe.disalvo@avient.com; Media Contact: Kyle G. Rose, Vice President, Corporate Communications, PolyOne Corporation, +1 440-930-3162, kyle.rose@avient.com
