CLEVELAND, Dec. 17 /PRNewswire/ -- Noveon, Inc. announced plans to move
production of its existing line of Sancure(R) polyurethane dispersions to Avon
Lake, Ohio and plans to expand that line of products. The Sancure line is
presently made in Leominster, Massachusetts, and that facility will be closed
in the near future.
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Polyurethane dispersions (PUDs) are frequently used to enhance the
performance of clear wood finishes, plastic coatings, fabric coatings, inks
and functional coatings. Investment in its Sancure(R) PUD line represents
part of Noveon's strategy to expand its presence in these growing end-use
applications.
"We are excited about the future of our Sancure(R) polyurethane
dispersions line and the new developments we will be making in PUD technology.
Relocating to Avon Lake gives us many advantages including room for future
expansion and accelerated product line growth" said Steve Demetriou, Noveon
president and chief executive officer.
The Sancure(R) PUD line will be housed in a 30,000-square-foot
sophisticated specialty chemical manufacturing facility within Noveon's
existing Avon Lake, Ohio site. As part of the product line expansion, Noveon
will employ state-of-the-art process control which will deliver enhanced
product consistency and quality to our customers.
The transition from Leominster to Avon Lake is expected to begin in the
second quarter of 2004 and will take place over approximately six months.
Production should be completely shifted to the Avon Lake site by the fourth
quarter of 2004.
Noveon is a leading global producer and marketer of technologically
advanced specialty chemicals for a broad range of consumer and industrial
applications with revenues in 2002 of $1.1 billion. Noveon is headquartered
in Cleveland, Ohio, with regional centers in Brussels, Belgium, and Hong Kong.
This release contains forward-looking statements that relate to future
events or performance. These statements reflect the Company's current
expectations, and the Company does not undertake to update or revise these
forward-looking statements, even if experience or future changes make it clear
that any projected results express or implied in this or other Company
statements will not be realized. Furthermore, investors are cautioned that
these statements involve risks and uncertainties, many of which are beyond the
Company's control, which could cause actual results to differ materially from
the forward-looking statements. Further information about these risks can be
found in the Company's filings with the Securities and Exchange Commission.
Investors are cautioned not to place undue reliance on any forward-looking
statements contained herein, which speak only as of the date hereof. The
Company undertakes no obligation to publicly release the result of any
revisions to these forward-looking statements that may be made to reflect
events or circumstances after the date hereof or to reflect the occurrence of
unanticipated events.
SOURCE Noveon, Inc.
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Related links:
http://www.noveoninc.com
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CONTACT:
Investors & Media, Sean Stack of Noveon,
Inc., +1-216-447-6494
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