https://www.avient.com/investor-center/news/avient-announces-second-quarter-2022-results
business (including the Dyneema® brand) ("Dyneema") and that it is exploring the sale of its Distribution business.
to discuss second quarter results and provide more details about the Dyneema acquisition and potential sale of its Distribution business.
Unique technologies that improve the recyclability of products and enable recycled content to be incorporated, thus advancing a more circular economy
https://www.avient.com/news/breakthrough-automotive-exterior-design-features-specialty-polyone-color-and-additive-technology
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Breakthrough Automotive Exterior Design Features Specialty PolyOne Color and Additive Technology
Working closely with the Citroën design team, PolyOne developed a specialty OnColor™ Smartbatch™ color and additive technology that allows the distinctive panels to meet stringent UV stability, appearance and durability requirements.
We are thrilled at the opportunity to be part of this effort by bringing enabling technologies to the Citroën team as they pioneer new directions in automotive design,” said Christoph Palm, general manager, Color & Additives EMEA & India, PolyOne Corporation.
https://www.avient.com/news/polyone-provides-new-twist-aluminum-cap-liners-low-migration-tpe-technology-pack-expo-2015
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PolyOne Provides New Twist for Aluminum Cap Liners with Low-Migration TPE Technology at Pack Expo 2015
LAS VEGAS – September 28, 2015 – Today at Pack Expo 2015, PolyOne (booth #6464) unveiled a low-migration aluminum cap liner technology based on its new GLS™ Versaflex™ PKG 4190 thermoplastic elastomer (TPE).
As an extension of GLS compression-molded cap liner technology, this non-PVC Versaflex PKG is formulated for aluminum caps used for sealing glass, polyethylene terephthalate (PET), or aluminum containers.
https://www.avient.com/news/polyone-colormatrix-technology-enables-energy-savings-china’s-pet-packaging-converters
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PolyOne ColorMatrix Technology Enables Energy Savings for China’s PET Packaging Converters
SUZHOU, China – ColorMatrix, a subsidiary of PolyOne Corporation and a global leader in liquid color and additives for plastics, today announced that its patented Joule™ RHB liquid infra-red absorption technology is now approved for use in PET beverage packaging in China.
Adding this technology to bottle preforms enables improved recyclability and reduces energy consumption by up to 30% compared with reheat-free PET resin for substantial production cost savings.
https://www.avient.com/sites/default/files/2023-03/AVNT Mar 2023 Earnings Presentation.pdf
Pro Forma Financial Information
The Company acquired Avient Protective Materials (“Dyneema”) on September 1, 2022 (the “Acquisition Date”) and sold the Distribution segment on November 1, 2022.
Examples include:
• Unique technologies that improve the
recyclability of products and enable recycled
content to be incorporated, thus advancing a
more circular economy
• Light-weighting solutions that replace heavier
traditional materials like metal, glass and wood,
which can improve fuel efficiency in all modes of
transportation and reduce carbon footprint
• Sustainable infrastructure solutions that increase
energy efficiency, renewable energy, natural
resource conservation and fiber optic / 5G
network accessibility
Avient is a certified ACC Responsible Care® and a
founding member of the Alliance to End Plastic Waste.
GUIDANCE
DEBT / LEVERAGE R EDUCTION
• Completed sale of Distribution
and paid down $750M of debt
in November
• Strong free cash flow in fourth
quarter reduced leverage and
enabled paydown of additional
$200M of debt
• Fixed/Floating Debt Ratio 63/37
• Proven track record of
deleveraging following
acquisitions through consistent
free cash flow generation
$725 $725 $725
$575 $500 $400
$600
$525
$425
$650
$650
$650
$600
$2.40B
$2.20B
2030 Notes
2029 Term Loan
2026 Term Loan
2025 Notes
After Distribution
Divestiture
Year-End
8
Year-End
Leverage
3.8x 3.1x 2.9x
2023 Notes
After Avient
Protective Materials
Acquisition
$3.15B
20 22 TRA NSF OR MATI ONAL PORTFOLI O
ENHA NC EMENTS
9
EBITDA margins expanded
from 12% to 16%
Diversified end markets
with reduced exposure to
more cyclical industries
Dyneema®
Acquisition
$1.48B acquisition
strengthens composites
platform
Significantly improved
EBITDA margins $950M divestiture results
in 100% specialty sales
Strong exit multiple of 10x
TTM EBITDA despite
market volatility
Distribution
Divestiture
Improved
Portfolio
G ROW I NG C OM PO SI T ES P LAT F OR M
C O NT R I BU TI O NS TO S EM S EG ME NT
10
Note: 2022 is pro forma for Avient Protective Materials
2016 Sales 2022 Sales
Advanced
Composites
51%
$560M $1,300M
Advanced
Composites
9%
C O M P O S I T E S P O R T F O L I O
D Y N E E M A ® E X P A N D S O U R E N G I N E E R E D F I B E R S A N D T A P E S T E C H N O L O G Y
LFT Tapes Laminates/Panels Shapes Pultrusion Engineered Fibers
11
ADVA NC ED C OM POSI TES PERFORMA NCE
12 (1) Pro forma for the acquisition of Avient Protective Materials
Sales
$51
$84
$212
$668
2016 2018 2020 2022
$4
$10
$41
$169
2016 2018 2020 2022
EBITDA
(1) (1)
($ in millions)
PORTFOLIO EVOLUTION AND EPS EXPANSION
13
Adj.
https://www.avient.com/sites/default/files/2022-11/AVNT Q3 2022 Earnings Presentation - Website Final.pdf
Pro Forma Financial Information
The Company acquired Avient Protective Materials (“Dyneema”) on September 1, 2022 (the “Acquisition Date”) and sold the Distribution segment on November 1, 2022.
Additionally, Adjusted EPS excludes the impact of special items and amortization expense
associated with intangible assets.2
T R A N S F O R M A T I O N A L
O V E R V I E W
Avient Protective
Materials
Dyneema
®
RECENT TRANSAC TIONS
Acquired Divested
$1.45 B $0.95 B
4
Distribution
UPDATED CA PI TAL STRUC TURE
& LI QUI DI TY
• Proceeds from completed
sale of Distribution used to
pay near-term maturing debt
to strengthen balance sheet
• Fixed/floating debt ratio of
~55/45
• Proven track record of
deleveraging following major
acquisitions through strong
free cash flow generation
• 2022 pro forma net
debt/adjusted EBITDA
expected to be 3.1x
$725 $725
$575 $500
$600
$525
$650
$650
$600
Capital Structure
Cash
$544
Undrawn
Revolver
$250
Liquidity
$3.15B
$2.40B
2030 Notes
2029 Term Loan
2026 Term Loan
2025 Notes
2023 Notes
After Dyneema
Acquisition
After Distribution
Divestiture
$794M
(1)
(1) $250M reflects estimated undrawn revolver following the divestiture of Distribution
5
PREVI OUS TR ANSACTIONS
Performance
Solutions
Products &
$0.8 B
COLOR
$1.4 B
Acquired (2020)Divested (2019)
6
• Acquisition of Clariant Color business significantly expanded
presence in healthcare, packaging and consumer end markets
• Strength of portfolio – double-digit annual EBITDA growth
since acquisition
• $75 million of realized synergies anticipated in 2022
• Acquisition completed on July 1, 2020 for $1.45 billion.
Ops Pro Forma
Adjusted EPS
(in millions) (in millions)
20
SUMMARY
• Executed the plans we laid out earlier this year
• Completed the Dyneema acquisition and Distribution divestiture
amid challenging market conditions
• Paid down debt and expect to finish the year modestly levered at
3.1x net debt to 2022 pro forma adjusted EBITDA
• Expect $200 million of free cash flow in 2022
• Entering an economic slowdown with a portfolio that is better
positioned than ever before
• Updated our EPS guidance to $2.60 from continuing operations
SEGMENT DATA
U.S. & Canada
40%
EMEA
35%
Asia
20%
Latin America
5%
2022 PRO FORMA SEGMENT, END MARKET AND GEOGRAPHY
GEOGRAPHY REVENUESEGMENT FINANCIALS
Consumer
21%
Packaging
23%
Industrial
15%
Building and
Construction
10%
Telecommunications
4%
Energy
4%
Defense
6%
END MARKET REVENUE
(1) Total company adjusted EBITDA of $585M includes corporate costs.
https://www.avient.com/news/avient-technology-helps-achieve-color-consistency-l-or-al-pcr-packaging-worldwide
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Avient Technology Helps to Achieve Color Consistency in L’Oréal PCR Packaging Worldwide
It uses sophisticated technology to help brand owners like L’Oréal understand what colors are achievable based on the amount of PCR content used.
Unique technologies that improve the recyclability of products and enable recycled content to be incorporated, thus advancing a more circular economy
https://www.avient.com/news/avient-supports-hager-group-incorporate-recycled-ocean-bound-plastic-new-waterproof-outdoor-socket-and-switch
Dyneema®, the world’s strongest fiber™, enables unmatched levels of performance and protection for end-use applications, including ballistic personal protection, marine and sustainable infrastructure and outdoor sports
Unique technologies that improve the recyclability of products and enable recycled content to be incorporated, thus advancing a more circular economy
https://www.avient.com/sites/default/files/2024-08/Avient-2023-Sustainability-Report_6.pdf
Polymeric, high molecular weight fluoropolymers are too large to cross biological membranes.
Retired Chief Technology Officer,
Colgate-Palmolive Company
Gregory J.
Polymeric, high molecular weight fluoropolymers are too large to cross
biological membranes.
https://www.avient.com/company/sustainability/sustainability-report/goals-commitments/about-us
In 2022, we expanded our materials offering with the acquisition of the protective materials business of DSM, including the Dyneema® brand, the World’s Strongest Fiber™.