WAYNE, N.J., Nov. 1, 2005 (PRIMEZONE) -- Polymeric Resources Corp. (Pink Sheets:PLYR) today announced that on October 29, 2005, its Canadian subsidiary, Nylene Holdings Inc., acquired a polymerization and fiber facility located in Arnprior, Ontario from Honeywell Nylon Canada, Inc., a subsidiary of Honeywell Nylon LLC. The Company and its subsidiaries have also entered into a related agreement with Honeywell Nylon LLC which will provide it a with long-term source of supply of caprolactam, the plant's primary raw material. Existing plant management have agreed to remain in place.
The acquisition was completed with financing provided by Bank of Montreal and HSBC, Canada.