Exhibit 99.1

NEWS RELEASE

FOR IMMEDIATE RELEASE

PolyOne Announces Third Quarter 2011 Results

CLEVELAND – October 25, 2011 – PolyOne Corporation (NYSE: POL) today reported revenues of $735.8 million for the third quarter of 2011, an 8% increase compared to revenues of $680.8 million in the third quarter of 2010.

Diluted earnings per share totaled $0.23 in the third quarter of 2011, compared to $0.04 per diluted share in the third quarter of 2010. Adjusted earnings per share increased 10% to $0.26 for the third quarter of 2011 up from $0.24 recorded in the third quarter last year.

“I am pleased that we expanded year over year earnings per share despite a number of headwinds,” said Stephen D. Newlin, chairman, president and chief executive officer. “During the third quarter, we observed slower global economic growth, a weaker euro, increased competitive pressure in our Performance Products and Solutions segment and higher taxes.”

“We expect these challenges could remain for the near term, but we are very optimistic our performance will continue to improve over the mid to long term, as we continue shifting our mix toward higher margin, more specialized products and services,” added Newlin. “Our announced agreements to acquire ColorMatrix and form a joint venture in Saudi Arabia illustrate perfectly our strategy of adding new technologies and expanding our presence in high-growth markets and geographies.”

“Our strong track record of converting earnings to cash continues as we generated $20 million of free cash flow while also accelerating capital expenditures during the third quarter,” said Robert M. Patterson, executive vice president and chief financial officer. “We are in a strong position to acquire ColorMatrix and still have substantial cash and liquidity to fund organic initiatives, additional bolt-on acquisitions as well as return cash to shareholders. On October 11, 2011, our Board increased our share repurchase authorization to ten million shares after we purchased two million during the third quarter.”

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The Company’s third quarter ending cash balance was $410 million and it had $157 million of availability under its accounts receivable sale facility.

To facilitate a comparison of current period results with prior-year amounts, net income and earnings per share have been adjusted to exclude special items, tax adjustments and equity income from the now divested OxyVinyls and SunBelt joint ventures. The chart below identifies the adjustments related to the third quarter of 2011 and 2010, respectively.

Special items for the third quarter of 2011 primarily related to environmental remediation costs, while third quarter 2010 special items of $34.9 million ($21.8 million after tax) include a $29.4 million charge for the early retirement of long-term debt. Tax adjustments in both periods principally relate to deferred tax asset valuation allowance changes.

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Third Quarter 2011 Conference Call

PolyOne will host a conference call at 8 a.m. Eastern Time on Tuesday, October 25, 2011. The conference dial-in number is 866-543-6403 (domestic) or 617-213-8896 (international), pass code 61367465, conference topic: Third Quarter 2011 PolyOne Earnings Conference Call. As part of the call, PolyOne will discuss its recent announcement to acquire ColorMatrix Group. Supporting materials will be made available on the Company’s website the morning of the call.

The replay will be available for two weeks, beginning at 12:00 p.m. Eastern Time, October 25, 2011 on the Company’s Web site at www.polyone.com/investor or by phone at 888-286-8010 (domestic) or 617-801-6888 (international). The pass code for the replay is 77744462.

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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

Investor Relations Contact:

Joseph P. Kelley

Vice President Planning & Investor Relations

PolyOne Corporation

+1 440-930-3502

joseph.kelley@polyone.com

Media Contact:

Kyle Rose Director, Corporate Communications

PolyOne Corporation

+1 440-930-3162

kyle.rose@polyone.com

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

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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; the ability to successfully complete the acquisition of ColorMatrix, including our ability to obtain the requisite financing; the ability to successfully integrate ColorMatrix and achieve the expected results from the acquisition, including the acquisition being accretive; the ability to retain ColorMatrix’s management team and its relationships with customers; the ability to successfully form and operate our joint venture in the Middle East; 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.

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Attachment 1

Supplemental Information

Summary of Consolidated Operating Results (Unaudited)

Third Quarter 2011

(In millions, except per share data)

Senior management uses comparisons of net income and diluted earnings per share (EPS) before adjustments to assess performance and facilitate comparability of results with prior periods. Below is a reconciliation of these non-GAAP financial measures to their most directly comparable measure calculated and presented in accordance with GAAP.