8-K

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                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                 ---------------



                                    FORM 8-K

                                 CURRENT REPORT

                     Pursuant to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934

          Date of Report (Date of earliest event reported) May 21, 1997
                                                           ------------

                                THE GEON COMPANY
           --------------------------------------------------------
               (Exact name of registrant as specified in charter)


       Delaware                     1-11804                     34-1730488
   -----------------            ---------------            --------------------
    (State or other               (Commission                  (IRS Employer
    jurisdiction of               File Number)              Identification No.)
    incorporation)


                    One Geon Center, Avon Lake, Ohio 44012
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             (Address of principal executive offices) (Zip Code)
                                      

       Registrant's telephone number, including area code 216-930-1241
                                                          ------------

                                Not Applicable
      ------------------------------------------------------------------
        (Former name or former address, if changed since last report.)


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Item 5.  Other Events
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The Geon Company announced a joint venture, known as Australian Vinyls
Corporation Limited, which will result from the of merging Geon's and ICI
Australia Limited's Australian polyvinyl chloride (PVC) operations.

Item 7(c). Financial Statements, Pro Forma Financial Information and Exhibits
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Exhibit 99.1 Press Release of May 21, 1997 announcing the Geon, ICI Australian
PVC Joint Venture.


                                    SIGNATURE

         Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.


                                               THE GEON COMPANY


                                               By  /s/ GREGORY L. RUTMAN
                                                  ______________________________
                                                    Gregory L. Rutman
                                                       Secretary


Dated May 27, 1997

EX-99.1

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                                  EXHIBIT 99.1


FOR IMMEDIATE RELEASE


                   GEON, ICI FORM AUSTRALIAN PVC JOINT VENTURE

CLEVELAND, OHIO - MAY 21, 1997 -- The Geon Company (NYSE: GON) today announced a
joint venture, merging Geon's and ICI Australia Limited's Australian polyvinyl
chloride (PVC) operations.

The joint venture, which will be known as Australian Vinyls Corporation Limited,
will have a combined PVC capacity of about 500 million pounds per year. The
agreement is subject to certain contingencies including governmental review and
approval.

 "As a result of merging these two businesses, we expect to create an Australian
company that will be globally competitive," said William F. Patient, Geon
chairman, president and chief executive officer. "The cost efficiencies to be
gained will enable the joint venture to also offer an improved level of product
and service to all Australian customers."

ICI Australia's managing director, Warren Haynes, welcomed the birth of the new
entity. "This is a further step in ensuring that we have a world-competitive
Australian vinyls business," he said. "It is completely compatible with our
vision of matching it against increasingly tough world-scale competitors."

The Geon Company is one of the largest suppliers of PVC resins in North America
and is the world's largest provider of PVC compounds. Headquartered in Avon
Lake, Ohio, The Geon Company and its subsidiaries have manufacturing plants in
the United States, Canada and Australia and joint ventures in Europe and
Southeast Asia.

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                                        Contact: Dennis Cocco
                                        Director of Corporate & Investor Affairs
                                        (216) 930-1538