PolyOne Announces Changes Within Elastomers and Performance Additives Business

August 31, 2001

CLEVELAND, Aug 31, 2001 /PRNewswire/ -- PolyOne Corporation (NYSE:
POL) today announced a series of actions within its Elastomers and Performance
Additives operations. These steps are being taken to better align the business
unit's manufacturing assets to meet current customer needs and to better
position the business for growing opportunities in new markets.

    * The Tillsonburg, Ontario, Canada, plant will close and manufacturing
      will be shifted to other elastomer facilities in Ohio and Wisconsin
      where sufficient capacity exists.  Due to slowing demand, principally in
      the automotive market, Tillsonburg is now operating with only one mixing
      line and 47 employees.  PolyOne will begin a planned transition of all
      customers, with a targeted closing of December 2001.

    * A small, non-strategic silicone compounding business in Dyersburg,
      Tennessee, will be sold and the plant will be closed, effective with the
      sale.  This operation, which is separate from PolyOne's other elastomer
      and plastic compounding facilities in Dyersburg, had sales of $2 million
      in 2000.  The shutdown will affect approximately nine people.

    * Forced to vacate its Chicago plant because of an eminent domain action
      by the city, PolyOne has decided to relocate its specialized roll
      compounding business to its state-of-the-art production center in
      DeForest, Wisconsin, which was built in 1996.  The 24 employees at the
      leased facility in Chicago will be offered the opportunity to relocate
      to DeForest.  The Company expects to complete this transition by June

    * As part of the company's plan to integrate the Performance Additives
      unit with its Specialty Resins and Formulators unit, PolyOne will
      eliminate 30 administrative positions in Performance Additives by the
      end of second-quarter 2002.

All these moves stem from PolyOne's ongoing review of Elastomers and Performance
Additives, which also resulted in a June announcement that the Company will
close its Kingstree, South Carolina, elastomer compounding plant by the end of
third-quarter 2001.

"In elastomers, we are dealing with weak business conditions and excess
capacity," said Thomas A. Waltermire, PolyOne chairman and chief executive
officer. "This restructuring of our manufacturing base will eliminate unneeded
capacity and allow us to increase our customer responsiveness, improve our
financial performance and better position PolyOne to compete in today's global

"Unfortunately, our actions will affect PolyOne people," Waltermire said. "We
are committed to treating employees fairly and to transitioning our customers
without disruption to other PolyOne sites with excellent records of customer

Employees affected by the closings will be eligible for severance benefits and
outplacement services. The closings will be included as part of PolyOne's
acquisition purchase accounting. The purchase accounting accrual for cash
employee separation and plant closing costs totals $4.1 million. When completed,
the elastomer restructuring will yield projected annualized pre-tax savings of
approximately $2.5 million.

PolyOne ranks as the leading non-tire rubber compounder in North America, with
$450 million in annualized revenues from Elastomers and Performance Additives.
The Company provides high-quality, cost-competitive products in markets such as
automotive (hoses, belts, engine mounts and seals), construction (gaskets,
vibration damping and escalator rails), medical and consumer. Since 1998,
PolyOne has invested more than $50 million in its Elastomers and Performance
Additives facilities.

Company-wide, PolyOne is investing more than $25 million this year to upgrade
its information technology system for stronger support of its manufacturing
operations and its customers. The Elastomers and Performance Additives segment
is scheduled to convert to the new system in January 2002.

About PolyOne

PolyOne Corporation, with revenues of nearly $3 billion, is an international
polymer services company with operations in thermoplastic compounds, specialty
resins, specialty polymer formulations, engineered films, color and additive
systems, elastomer compounding and thermoplastic resin distribution.
Headquartered in Cleveland, Ohio, PolyOne has approximately 8,500 employees at
80 manufacturing sites in North America, Europe, Asia and Australia, and joint
ventures in North America, South America, Europe, Asia and Australia.
Information on the Company's products and services can be found at
www.polyone.com .

Forward-Looking Statements

This release contains statements concerning trends and other forward- looking
information affecting or relating to PolyOne Corporation and its industries that
are intended to qualify for the protections afforded "forward- looking
statements" under the Private Securities Litigation Reform Act of 1995. Actual
results could differ materially from such statements for a variety of factors
including, but not limited to: (1) the risk that the former Geon and M.A. Hanna
businesses will not be integrated successfully; (2) an inability to achieve or
delays in achieving savings related to the consolidation and restructuring
programs; (3) unanticipated delays in achieving or inability to achieve cost
reduction and employee productivity goals; (4) costs related to the
consolidation of Geon and M.A. Hanna; (5) 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; (6) unanticipated changes in world, regional or U.S. plastic,
rubber and PVC consumption growth rates affecting the Company's markets; (7)
unanticipated changes in global industry capacity or in the rate at which
anticipated changes in industry capacity come online in the PVC, VCM,
chlor-alkali or other industries in which the Company participates; (8)
fluctuations in raw material prices and supply, in particular, fluctuations
outside the normal range of industry cycles; (9) unanticipated production
outages or material costs associated with scheduled or unscheduled maintenance
programs; (10) unanticipated costs or difficulties and delays related to the
operation of joint venture entities; (11) lack of day-to-day operating control,
including procurement of raw material feedstocks, of the OxyVinyls partnership;
(12) lack of direct control over the reliability of delivery and quality of the
primary raw materials utilized in the Company's products; (13) partial control
over investment decisions and dividend distribution policy of the OxyVinyls

SOURCE PolyOne Corporation

CONTACT:          Investors, Dennis Cocco, Chief Investor & Communications
                  Officer, +1-216-589-4018, or Media, Christopher Farage, Director, Corporate
                  Communications, +1-216-589-4085, both of PolyOne Corporation
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