MEXICO CITY (AP) - Mexican chemical company Mexichem said Monday it has formed a joint venture with Cleveland-based PolyOne Corp. to manufacture plastics.
In a filing with the Mexican stock exchange, Mexichem said it has acquired 50 percent of the shares of Colombian plastic maker Geon Andina for an undisclosed amount.
PolyOne, a maker of plastic compounds and vinyl resins, owns the other 50 percent of Geon Andina, which has an annual installed capacity of 50,000 tons and sells its products throughout the Americas, Mexichem said.
PolyOne, which also has manufacturing operations in China, Europe and North America, had revenue of about $2.6 billion last year.
Shares of PolyOne jumped 7.4 percent, or 61 cents, on Monday to close at $8.86. The stock has traded between $5.99 and $9.18 over the past year.
The Geon Andina venture follows Mexichem's acquisition of Latin American water pipe maker Grupo Amanco and Colombian petrochemicals concern Petroquimica Colombiana earlier this year.
Amanco, with annual sales of $800 million has 19 production facilities in 14 countries and sells its products in 29 countries. Petroquimica Colombiana had sales of $375 million last year.