Question-and-Answer Session
Operator
(Operator Instructions). Your first question comes from the line of Mike Judd of Greenwich Consultants. Please proceed.
Michael Judd – Greenwich Consultants
Yes, good morning.
Stephen Newlin
Hi, Mike.
Michael Judd – Greenwich Consultants
A couple of balance sheet items. I didn’t see the queue-out (ph) this morning so your portion of the Sunbelt debt, is it still $61 million?
Robert Patterson
It’s 55 at the end of the year.
Michael Judd – Greenwich Consultants
Okay. And the accounts receivable securitization, it was 26 last quarter, what was it at the end of the year please?
Robert Patterson
14.
Michael Judd – Greenwich Consultants
Okay. And then, just you guys have made some investments – I forget the exact timeframe – but you had been expanding into areas where you thought that there would be better opportunities for growth in manufacturing. For instance, in China and I believe that there was an investment that was made in Eastern Europe also. Can you talk a little bit about – I realize these are tough times globally – but in particular those investments that you’d made, how are they performing in this difficult environment?
Stephen Newlin
Well, Mike, let me start with Eastern Europe first, which is what our Poland plant was positioned for, I mean we got off to a terrific start with that plant and we’re still very optimistic. We think we put it in the right location, we made the right level of investment, we have opportunities for future expansion. But I would also tell you that the slowdown in Europe is affected Eastern Europe, not to the same degree, but it certainly is having an impact. And so right now we’re temporarily going through a period in Eastern Europe that is clearly influenced by the effects of the Western European economy.
We don’t have any different view on that decision today than we had in the past. If anything I mean we’ve had new customer applications. Just that when customers don’t produce as much, even though we have their business, they’re not going to buy as much compound from us. So we’re very happy with that investment.
Our penetration in China, again we have an extremely nice position in China. I just came back from a trip to Asia and I’ll tell you truthfully I’ve never seen this region of the world – and I used to run this region many, many years ago in a different role, I’m fairly familiar with it – I’ve never seen this region go through the kind of pain and downturn that they’re dealing with right now. It is across the board. And it’s the first time I’ve ever sort of felt the downturn in this environment. I’m not just talking about from PolyOne’s perspective.
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