A process for deactivating an active catalyst species in an olefin polymer stream exiting a polymerization reactor and neutralizing catalyst residues, as well as reducing corrosion, plugging or fouling of olefin production and recovery equipment and imparting antioxidative properties to an olefin polymer comprising adding a catalyst deactivator and an alkaline earth metal salt of a phosphoric- or phosphonic acid to an olefin polymer stream exiting a polymerization reactor, each in a quantity at least sufficient to deactivate active catalytic species in the polymer stream and neutralize catalyst residues, respectively, and subsequently recovering the resulting polymer product.
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