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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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) June 2, 1998
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THE GEON COMPANY
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(Exact name of registrant as specified in charter)
Delaware 1-11804 34-1730488
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
One Geon Center, Avon Lake, Ohio 44012
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 440-930-1001
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Not Applicable
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(Former name or former address, if changed since last report.)
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Item 5. Other Events
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The Geon Company and Orica Limited (formerly ICI Australia Limited)
announced that they have approved the sale of their entire interests in the
joint venture company, Australian Vinyls Corporation Limited (Australian
Vinyls), by way of a public flotation on the Australian Stock Exchange. The sale
is subject to the completion of satisfactory underwriting arrangements, price
and market conditions.
Item 7(c). Financial Statements, Pro Forma Financial Information and Exhibits
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Exhibit 99.1: Press Release of June 2, 1998 announcing approval by The Geon
Company and Orica Limited (formerly ICI Australia Limited) of the sale of their
interests in the joint venture company Australian Vinyls Corporation Limited.
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
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Secretary
Dated June 4, 1998
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EXHIBIT 99.1
GEON ANNOUNCES PUBLIC OFFERING OF ITS AUSTRALIAN JOINT VENTURE
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CLEVELAND, OHIO --- June 2, 1998 --- The Geon Company (NYSE: GON) and Orica
Limited (formerly ICI Australia Limited) today announced that they have approved
the sale of their entire interests in the joint venture company, Australian
Vinyls Corporation Limited (Australian Vinyls), by way of a public flotation on
the Australian Stock Exchange. The sale is subject to the completion of
satisfactory underwriting arrangements, price and market conditions.
Australian Vinyls commenced operations on August 1, 1997, combining the
Australian polyvinyl chloride (PVC) resin and compound operations of Geon and
Orica. Orica holds a 62.6 percent share in Australian Vinyls and Geon holds a
37.4 percent share. The potential public float of Australian Vinyls is
consistent with the information provided at the time of the initial announcement
of the joint venture.
Orica and Geon have appointed Merrill Lynch and SBC Warburg Dillon Read as
advisers to the float.
The Geon Company is a leading North American-based polymer service and
technology company with operations in polyvinyl chloride (PVC) compounds and
other value-added products and services, as well as in PVC resins. Headquartered
in Avon Lake, Ohio, The Geon Company and its subsidiaries employ over 2,400
people and have 24 manufacturing plants in the United States, Canada, England
and Australia and joint ventures in the United States, Europe, Australia and
Southeast Asia. Geon recorded revenues of $1.25 billion for the year ended
December 31, 1997.
