Industry Leader Returns to Its Roots as O'Sullivan Films

Industry Leader Returns to Its Roots as O'Sullivan Films

WINCHESTER, Va., Feb. 16 /PRNewswire/ -- Today, O'Sullivan Films Inc., a new company with a 109-year-old heritage, emerged from the divestiture of the former Engineered Films business unit of PolyOne Corporation (NYSE:POL).

The new company will be jointly owned by members of the current management team, along with an investor group formed by Matrix Capital Markets. PolyOne will retain a minority ownership interest in the new entity.

Denis Belzile, who headed the unit for PolyOne and is president and chief executive officer of the new company, stated, "This is the best outcome for all involved because it provides continuity for our customers, suppliers, employees and the communities we are part of. We have an experienced, stable management team that knows the business well, and we are excited at the opportunity before us."

Jeffrey Moore, president of Matrix Capital Markets, who will serve on the board of directors of O'Sullivan Films, noted, "This transaction is a very good fit, and we look forward to supporting the team in place. We believe the business has excellent potential."

The new owners will build on a legacy of customer service, quality and strong brand recognition that dates to 1896. The Geon Company, a predecessor of PolyOne, acquired O'Sullivan in 1999. Geon, and then PolyOne, marketed the highly regarded O'Sullivan(R) brand as part of their engineered films product line. The new owners decided to use O'Sullivan as the new entity's name.

O'Sullivan Films is a leading provider of customized, high-performance polymer films for use in diverse applications, including automotive instrument and door panels, flooring, wall coverings, notebook covers, and pool liners. The company's expertise extends to film-finishing technologies such as embossing, laminating and painting. Ranked as North America's leading supplier of single-ply vinyl sheeting to the automotive industry, the business has broadened its focus to include thermoplastic olefins, thermoplastic urethanes and polyolefin alloys. The company serves Tier 1 customers that, in turn, serve global automotive OEMs including DaimlerChrysler, Ford, General Motors, Honda, Toyota and Mazda.

Headquartered in Winchester, Virginia, O'Sullivan Films has an additional manufacturing facility in Lebanon, Pennsylvania, and a sales office in Troy, Michigan. The company maintains a long tradition of community involvement, and has been recognized for its commitment to environmental protection.

PolyOne's Engineered Films unit had revenues of approximately $126 million in 2004.

For more information, visit our Web site at http://www.osul.com/

Source: O'Sullivan Films Inc.

CONTACT: Denis Belzile of O'Sullivan Films Inc., +1-540-667-6666

Web site: http://www.osul.com/

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