PolyOne today announced completion of the acquisition of the color masterbatch businesses of Clariant and the Clariant Chemicals India affiliate. PolyOne also announced that it had changed its name and will now be called Avient Corp.
“We proudly welcome our newest associates…They are joining us on Day 1 of this new era for our company, which as of today will be named Avient,” says Robert Patterson, chairman, president, and CEO of Avient. He says the new brand brings together two world leaders to create a specialty company.
The agreement to acquire the Clariant masterbatch business was announced in December 2019. The business includes 46 manufacturing operations and technology centers across 29 countries and approximately 3,500 employees, who will join Avient’s color, additives, and inks segment. The combined net purchase price is $1.44 billion, representing a 10.8 times (x) multiple of 2019 adjusted EBITDA, or 7.5x including anticipated synergies.
“With this acquisition, Avient now expects over 85% of adjusted EBITDA to be generated from specialty applications,” Patterson says. “This is up from less than 10% when our specialty journey began over a decade ago. While we honor the legacies of our past organizations, under our new name Avient, we come together and look to the future as a world-class sustainable organization.”
Avient, with 2019 revenue of $2.9 billion, provides specialized and sustainable material solutions, including barrier technologies that preserve the shelf life of perishable goods; lightweighting solutions that replace heavier traditional materials such as metal, glass, and wood; and breakthrough technologies that minimize wastewater and improve the recyclability of materials and packaging. In conjunction with its rebranding and new name, the company’s ticker symbol will change from POL to AVNT, effective at the start of trading on 13 July 2020. As of that date, the POL trading symbol will no longer be active.
Hariolf Kottmann, Clariant executive chairman ad interim, says, “With this completed transaction, Clariant takes another significant step toward becoming a pure-play specialty chemicals company. By focusing on its three core business areas—care chemicals, catalysis, and natural resource—Clariant intends to deliver above-market growth, higher profitability, and stronger cash generation. Having successfully sold masterbatches and healthcare packaging, our target is now to progress with the divestment of our pigments business.”
By: Natasha Alperowicz
Source: Chemical Week
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