GEON Form 8-K Event of 09/21/1999

-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, C0F50QCQ2GYjGV3MbckAcsD7S9WWft7JU9Ch/PpUsSY1wUkk3OzPxkEwfb9ZcAXl +S6PAx7TgBk/WzqJc/OKaQ== 0000950152-99-007750.txt : 19990923 0000950152-99-007750.hdr.sgml : 19990923 ACCESSION NUMBER: 0000950152-99-007750 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19990921 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19990922 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GEON CO CENTRAL INDEX KEY: 0000897547 STANDARD INDUSTRIAL CLASSIFICATION: PLASTICS, MATERIALS, SYNTH RESINS & NONVULCAN ELASTOMERS [2821] IRS NUMBER: 341730488 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-11804 FILM NUMBER: 99715126 BUSINESS ADDRESS: STREET 1: ONE GEON CTR CITY: AVON LAKE STATE: OH ZIP: 44012 BUSINESS PHONE: 4409301001 MAIL ADDRESS: STREET 1: ONE GEON CENTER CITY: AVON LAKE STATE: OH ZIP: 44012 8-K 1 THE GEON COMPANY CURRENT REPORT FORM 8-K GEON Form 8-K Event of 09/21/1999

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) September 21, 1999

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
(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code 440-930-1001

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

Item 5. Other Events

The Geon Company announced that it is establishing a Latin American presence with its purchase of a 50 percent interest in a newly formed polyvinyl chloride (PVC) compounding joint venture with Petroquimica Colombiana S.A. (Petco).

Item 7(c). Financial Statements, Pro Forma Financial Information and Exhibits

Exhibit 99.1 Press Release of September 21, 1999 announcing the purchase of a 50 percent interest in a newly formed polyvinyl chloride (PVC) compounding joint venture with Petroquimica Colombiana S.A. (Petco).

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
Secretary

Dated September 22, 1999 EX-99.1 2 EXHIBIT 99.1 Exhibit 99.1

Exhibit 99.1

GEON FORMS JOINT VENTURE WITH ANDEAN PARTNER PETCO;
LATIN AMERICAN PRESENCE REINFORCES GLOBAL STRATEGY

Cleveland, Ohio – September 21, 1999 – The Geon Company (NYSE: GON) announced today that it is establishing a Latin American presence with its purchase of a 50 percent interest in a newly formed polyvinyl chloride (PVC) compounding joint venture with Petroquimica Colombiana S.A. (Petco). Closing of the transaction is expected by late October.

The joint venture, which will be named Geon/Polimeros Andinos S.A., will operate compounding facilities in both Colombia and Venezuela, and it will market PVC compounds primarily in the Andean Pact nations – Bolivia, Colombia, Ecuador, Peru and Venezuela. Sales for the joint venture are anticipated to be approximately $25 million annually. Geon’s investment will include a transfer of its technology to broaden the joint venture’s product offering.

Petco, the largest suspension and specialty PVC resin producer in the Andean Pact region, will be the primary supplier of PVC resins to the compound joint venture. Petco is a long-standing licensee of Geon technology with which Geon has enjoyed a good relationship. Its compound business has a reputation for quality and has been consistently profitable.

“This partnership is one example of how Geon intends to expand and reach new customers globally,” said Thomas A. Waltermire, chairman, president and chief executive officer. “Our long and valued relationship with Petco will help insure the success of this joint venture for new customers in the region.”

Geon anticipates the joint venture will be accretive by $0.03 per share in 2000, after interest and goodwill. The joint venture is expected to generate positive cash flow after growth-related capital and working capital needs are addressed.

“By combining Petco’s regional leadership with Geon’s strengths, we are building a solid platform for new growth,” Waltermire said. “Strategically, we are extending the marketing and technical reach of Geon’s compounding base to serve our customers doing business in South America. In addition, we are positioning ourselves to participate in the growing use of vinyl and other polymers in emerging economies.”

Petco is the region’s only full-line compounder and has a significant share of the merchant bottle compound business. With Geon’s technical and market development support, the joint venture intends to offer its full range of products in the Andean sector of South America.

Petco is owned 50 percent by the Sanford Group, a highly respected $800 million Colombian sales conglomerate with at least 20 joint ventures in the petrochemical, chemical additives, plastics, paints, wire and cable, profile extrusion, services and media businesses. Sanford’s interests include a number of additive businesses, which will supply raw materials to the joint venture. The other 50 percent is owned by the Zapata Group, which has interests in plastic resins, plastic film, bottle caps, cans, industrial coatings, tin plate and tin-free steel.

The Geon Company is a leading North American-based polymer services and technology company with operations in vinyl compounds, specialty resins and plastisol formulations,

engineered films, and other value-added products and services. Headquartered in Avon Lake, Ohio, The Geon Company and its subsidiaries employ nearly 3,100 people and have 28 manufacturing plants in the United States, Canada, England and Australia, and joint ventures in the United States, Canada, England, Australia and Singapore. Information on the Company’s products and services, as well as news releases, EDGAR filings, Form 10-K, 10-Q, etc. is available on the Internet at http://www.geon.com.

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