Graft Polymers with cross-linked polyester elastomers

In a polymeric composition comprising from 80 to 30 wt% of at least one vinyl monomer graft polymerized in the presence of from 20 to 70 wt% of a polyester, the improvement wherein said polyester is a cross-linked, aliphatic polyester elastomer prepared by the steps of

• A. Providing a solution comprising from 95 to 80 parts by weight of a water-immiscible organic solvent, from 5 to 20 parts by weight of an aliphatic, polyester elastomer and from 0.5 to 5 wt%, based on polyester, of an organic peroxide;
• B. Mixing said solution with an equal volume of water containing from 1 to 10 wt%, based on polyester, of a surfactant;
• C. Passing said mixture through a homogenizer to form an emulsion;
• D. Heating said emulsion to remove said solvent;
• and
• E. Further heating said emulsion to cross-link said polyester and form a stable latex.