signed a nonbinding letter of intent to divest itself of its specialty plastics business unit.
The sale of the business unit is expected to close in the third quarter. The Specialty Plastics unit's largest facilities are in Evansville, Ind.; Stryker, Ohio; Castellon (Almazora), Spain, and Rotterdam, The Netherlands.
The specialty plastics business, which generated revenue of about $270 million in 2005, develops and produces customized thermoplastic compounds and alloys, plastic colorants, gelcoats and thermoset pastes that are marketed to manufacturers in a broad range of end markets, the Cleveland-based company said.
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