CLEVELAND, Oct. 11, 2011 /PRNewswire-FirstCall/ — PolyOne Corporation (NYSE: POL), a premier global provider of specialized polymer materials, services and solutions, today announced that its Board of Directors has increased the share repurchase authorization amount by 5.25 million shares.

The new authorization brings the total shares available for repurchase to 10 million shares or approximately 11% of its outstanding common stock. Prior to today, the company had 4.75 million shares available for repurchase under a 2008 authorization.

PolyOne repurchased 2 million shares in the third quarter of 2011 and 1 million shares in each of the first two quarters of 2011. It is anticipated that the Company will buy back shares through open market purchases or privately negotiated transactions from time to time. The number of shares to be purchased and the timing of the purchases will depend upon the prevailing market prices and other considerations. The authorization has no time limit and may be suspended or discontinued at any time.

Commenting on the announcement, Robert M. Patterson, executive vice president and chief financial officer said, “We view our share repurchase program as part of a broader, long-term capital structure strategy whereby the Company can reward shareholders through the combination of cash dividends and share repurchases while simultaneously investing in our growth initiatives.”

About PolyOne

PolyOne Corporation, with 2010 revenues of $2.6 billion, is a premier provider of specialized polymer materials, services and solutions. Headquartered outside Cleveland, Ohio USA, PolyOne has operations around the world. For additional information on PolyOne, visit our Web site at www.polyone.com.

To access PolyOne’s news library online, please visit www.polyone.com/news

Forward-looking Statements

In this press release, statements that are not reported financial results or other historical information are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give current expectations or forecasts of future events and are not guarantees of future performance. They are based on management’s expectations that involve a number of business risks and uncertainties, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. They use words such as “will,” “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” and other words and terms of similar meaning in connection with any discussion of future operating or financial condition, performance and/or sales. Factors that could cause actual results to differ materially from those implied by these forward-looking statements include, but are not limited to: disruptions, uncertainty or volatility in the credit markets that could adversely impact the availability of credit already arranged and the availability and cost of credit in the future; the financial condition of our customers, including the ability of customers (especially those that may be highly leveraged and those with inadequate liquidity) to maintain their credit availability; the speed and extent of an economic recovery, including the recovery of the housing and chlor-alkali markets; our ability to achieve new business gains; the effect on foreign operations of currency fluctuations, tariffs, and other political, economic and regulatory risks; changes in polymer consumption growth rates where we conduct business; changes in global industry capacity or in the rate at which anticipated changes in industry capacity come online; fluctuations in raw material prices, quality and supply and in energy prices and supply; production outages or material costs associated with scheduled or unscheduled maintenance programs; unanticipated developments that could occur with respect to contingencies such as litigation and environmental matters; an inability to achieve or delays in achieving or achievement of less than the anticipated financial benefit from initiatives related to working capital reductions, cost reductions, employee productivity goals and our new global organization structure; an inability to raise or sustain prices for products or services; an inability to maintain appropriate relations with unions and employees; the inability to achieve expected results from our acquisition activities; our ability to continue to pay cash dividends; the amount and timing of repurchases of our common shares, if any; and other factors affecting our business beyond our control, including, without limitation, changes in the general economy, changes in interest rates and changes in the rate of inflation. The above list of factors is not exhaustive.

We undertake no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise. You are advised to consult any further disclosures we make on related subjects in our reports on Form 10-Q, 8-K and 10-K that we provide to the Securities and Exchange Commission.

SOURCE PolyOne Corporation