<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
---------------
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) December 17, 1998
-----------------
THE GEON COMPANY
----------------
(Exact name of registrant as specified in charter)
Delaware 1-11804 34-1730488
- -------------------------------------------------------------------------
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
One Geon Center, Avon Lake, Ohio 44012
--------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 440-930-1001
-------------
Not Applicable
--------------
(Former name or former address, if changed since last report.)
<PAGE> 2
Item 5. Other Events
- ------- ------------
The Geon Company announced today the formation of a joint venture with
Owens Corning that will market and manufacture material systems based on a
unique technology for reinforced thermoplastic polymers.
Item 7(c). Financial Statements, Pro Forma Financial Information and Exhibits
- ---------- ------------------------------------------------------------------
Exhibit 99.1 Press Release of December 17, 1998 announcing the joint venture
with Owens Corning to market composites technology.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
THE GEON COMPANY
By \s\ Gregory L. Rutman
--------------------------------
Secretary
Dated December 18, 1998
<PAGE> 1
EXHIBIT 99.1
OWENS CORNING AND THE GEON COMPANY ANNOUNCE JOINT VENTURE
TO MARKET BREAKTHROUGH COMPOSITES TECHNOLOGY
TOLEDO, OHIO, DEC. 17, 1998 -- Owens Corning (NYSE: OWC) and The Geon Company
(NYSE: GON) announced today the formation of a joint venture that will market
and manufacture material systems based on a unique technology for reinforced
thermoplastic polymers.
The joint venture builds on Owens Corning's know-how in glass fiber composite
technology and Geon's leadership in polyvinyl chloride (PVC) and thermoplastic
technology. The resulting material solutions enable manufacturers to develop
systems with performance previously unavailable. The joint venture will
initially target applications in the building and construction markets.
Owens Corning will own a 60 percent interest in this new joint venture with Geon
holding the remaining 40 percent interest. The new joint venture, yet to be
named, is expected to market this new solution in early 1999 when more details
about the new material systems will become available.
"We see this joint venture as a way to offer a competitive advantage to our
customers," said Heinz-J Otto, president, Owens Corning Composites Systems
Business. "This is a great example of our vision to be the leading, global
provider of composites solutions through System Thinking(TM). The venture will
create new value for our customers by integrating the necessary resources from
both partners to provide solutions not possible in the past."
Thomas A. Waltermire, Geon president and chief operating officer, said, "As we
transition Geon to a performance polymer and service company, our growth will be
based on our ability to create new opportunities for our customers. Our alliance
with Owens Corning is an important opportunity to create both new material and
new markets."
The joint venture's material system solutions will compete against traditional
materials such as wood, metal and masonry as well as unreinforced polymers.
The Geon Company is a leading North American-based polymer technology and
service company with operations in PVC compounds and other value-added products
and services. The Geon Company and its subsidiaries currently employ more than
2,400 people in the United States, Canada, England, Australia and Southeast
Asia. Geon recorded revenues of $1.25 billion for the year ended December 31,
1997. Information on products, news releases, EDGAR filings, Form 10-K, etc. are
available on the Internet at http://www.geon.com.
Owens Corning is a world leader in building materials and glass fiber composites
systems with approximately 20,000 employees worldwide. The company had 1997
sales of $4.4 billion, and is positioned to achieve $5 billion in sales in 1998.
The company's Web site can be found at http://www.owenscorning.com.
