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PolyOne to Provide GlasArmor Panels to Southern States LLC

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PolyOne Corporation has been selected by Southern States LLC to provide glass-fiber composite panels for the production of its ballistic-resistant solutions. PolyOne’s industry recognized GlasAmor panels will offer the physical asset protection demanded by Southern States’ Ballisti-Wall and Ballisti-Cover customers. 
 
Southern States, a Georgia-based producer of electric utility industry commodities, has developed these products by encapsulating multiple layers of woven fiberglass with its own resin system to manufacture a rigid panel with exceptional ballistic resistance. Additionally, these provide higher durability, corrosion resistance, electrical non-conductivity, low thermal conductivity and light weight. 
 
Southern States’ solution was well-received due to new guidelines set forth by the Federal Energy Regulatory Commission (FERC). The mandate required utility companies to perform risk assessments, identify critical assets and initiate plans to protect them. The demand for customized protection has been growing. 
 
PolyOne and Southern States have also worked together previously. PolyOne’s GlasArmor technology combines well with the solution developed by Southern States in terms of performance and timeframe requirements. The companies collaborated to balance solution customization and meeting of delivery deadlines by developing a modular design. 
 
PolyOne reported earnings of 46 cents per share in the first quarter of 2016, 35% higher than the prior-year quarter figure. Adjusted earnings of 56 cents per share also increased 22% year over year and beat the Zacks Consensus Estimate of 48 cents. The quarter reflected the company’s twenty-sixth consecutive quarter of growth in adjusted earnings per share. 
 
Revenues for the quarter fell roughly 3% to $847 million but beat the Zacks Consensus Estimate of $841 million. Higher sales, backed by the acquisition of the TPE business, were more than offset by a decrease in selling prices as well as a weaker euro. 
 
PolyOne bought back 1.5 million shares in the reported quarter. The company is committed to provide returns to shareholders through a combination of dividends and share buybacks. Thus, its board announced a quarterly dividend of 12 cents per share for the first quarter. The company has raised its dividend at a compound annual growth rate of 25% since its dividend initiation in 2011. Over the same period, it has bought back shares worth $650 million.
 
PolyOne’s shares closed around 0.9% lower at $37.06 yesterday. 
 
PolyOne currently holds a Zacks Rank #2 (Buy).
 
Some other well-ranked companies in the chemical space include Trinseo SA (TSE - Free Report) and Kuraray Co. Ltd. (KURRY - Free Report) , both sporting a Zacks Rank #1 (Strong Buy), and Rayonier Advanced Materials Inc. (RYAM - Free Report) , carrying a Zacks Rank #2.
 
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