https://www.avient.com/sites/default/files/resources/POL%2520Gabelli%2520IR%2520Presentation%2520w%2520Non-GAAP%252003%252020%25202014.pdf
Use of Non-GAAP Measures
Page 3
PolyOne Commodity to Specialty Transformation
Page 4
• Continue specialty
transformation
• Targeting $2.50
Adjusted EPS by
2015, nearly
double 2013 EPS
• Drive double digit
operating income
and adjusted EPS
growth
• 17 consecutive
quarters of double-
digit adjusted EPS
growth
• Shift to faster
growing, high
margin, less cyclical
end markets
• Key acquisitions
propel current and
future growth, as
well as margin
expansion
• Established
aggressive 2015
targets
• Steve Newlin
Appointed,
Chairman, President
and CEO
• New leadership
team appointed
• Implementation of
four pillar strategy
• Focus on value
based selling,
investment in
commercial
resources and
innovation to drive
transformation
• Volume driven,
commodity
producer
• Heavily tied to
cyclical end markets
• Performance largely
dependent on non-
controlling joint
ventures
2000-2005 2006 - 2009 2010 – 2013 2014 and beyond
-150.00%
-50.00%
50.00%
150.00%
250.00%
350.00%
PolyOne S&P 500 Russell 2000 Dow Jones Chemical
All time high of
$38.38
March 7th, 2014
• 17 consecutive quarters of
double digit EPS growth
• 49% CAGR adjusted EPS
expansion 2006-2013
• 2013 stock price increased
73% versus 30% growth in the
S&P
• More than seven fold increase in
market cap: $0.5b $3.6b
Strategy and Execution Drive Results
Page 5
Appliance
4%
Building &
Construction
13%
Wire & Cable
9%
Electrical &
Electronics
5%
Consumer
10%Packaging
16%
Industrial
12%
HealthCare
11%
Transportation
18%
Misc.
2%
United
States
66%
Europe
14%
Canada
7%
Asia
6%
Latin
America
7%
PP&S
Specialty
53%
Distribution
27%
0.12
0.27 0.21
0.13
0.68
0.82
1.00
1.31
2.50
$0.00
$0.25
$0.50
$0.75
$1.00
$1.25
$1.50
$1.75
$2.00
$2.25
$2.50
2006 2007 2008 2009 2010 2011 2012 2013 2015
Target
Ad
ju
st
ed
E
ar
ni
ng
s P
er
S
ha
re
2013 Revenues: $3.8 Billion
End Markets
2013 Revenues: $3.8 Billion
EPS
Page 6
PolyOne
At A Glance
Old
PolyOne Transformation
*Operating Income excludes corporate charges and special items
2%
34% 43%
62%
65-
75%
0%
20%
40%
60%
80%
100%
2005 2008 2010 2013 2015
%
o
f O
pe
ra
tin
g
In
co
m
e*
JV's Performance Products & Solutions Distribution Specialty
Specialty OI $5M $46M $87M $195M Target
Mix Shift Highlights Specialty Transformation
2015
Target
Page 7
2006 2013 2015
“Where we were” “Where we are” Target
1) Operating Income %
Specialty:
Global Color, Additives & Inks 1.7% 12.2% 12 – 16%
Global Specialty Engineered
Materials 1.1% 9.3% 12 – 16%
Designed Structures & Solutions -- 5.6% 8 – 10%
Performance Products &
Solutions 5.4% 7.2% 9 – 12%
Distribution 2.6% 5.9% 6 – 7.5%
2) Specialty Platform % of
Operating Income 6.0% 62% 65 – 75%
3) ROIC* (after-tax) 5.0% 9.1% 15%
4) Adjusted EPS Growth N/A 31% Double Digit
Expansion
Proof of Performance & 2015 Goals
*ROIC is defined as TTM adjusted OI divided by the sum of average debt and equity over a 5 quarter period
Page 8
Bridge To $2.50 Adjusted EPS By 2015
2015 EPS: $2.50
2013 EPS: $1.31
Mid single digit
revenue CAGR
Page 9
Mergers & Acquisitions
Spartech accretion
Incremental share buybacks
Ongoing LSS Programs
(50-100 bps/yr)
Accelerated Innovation &
Mix Improvement
Innovation Drives Earnings Growth
$20.3
$52.3
2006 2013
Research & Development
Spending
($ millions)
Specialty Platform
Vitality Index Progression*
*Percentage of Specialty Platform revenue from products introduced in last five years
Page 10
14.3%
30.7%
2006 2013
Specialty Platform
Gross Margin %
19.5%
43.0%
2006 2013
Healthcare
Consumer
Packaging and Additive Technology
Transportation
Page 11
Unique and Innovative Solutions that Help
Customers Win
https://www.dropbox.com/sh/dwe4t8aacvhb8ui/uD3p_bdglP/Presentation revise pics/GLS Beverage can closure XO 2.jpg
https://www.dropbox.com/sh/dwe4t8aacvhb8ui/-YgkycKypw/Anti-Counterfeiting release & images/GN1979.JPG
Net Debt / EBITDA* = 1.8x
$48
$317
$600
$0
$100
$200
$300
$400
$500
$600
$700
$800
2015 2020 2023
Significant Debt Maturities
As of December 31, 2013
($ millions)
Page 12
Coupon Rates: 7.500% 7.375% 5.250%
Debt Maturities & Pension Funding – 12/31/13
*TTM 12/31/2013 ** includes US-qualified plans only
60%
100%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2008 2013
Pension Funding**
As of December 31, 2013
Free Cash Flow and Strong Balance Sheet Fund Investment
•Targets that expand our:
• Specialty offerings
•End market presence
•Geographic footprint
•Operating Margin
• Synergy opportunities
•Adjacent material solutions
•Expanding our sales,
marketing, and technical
capabilities
• Investing in operational and
LSS initiatives (including
synergy capture)
•Manufacturing alignment Organic
Growth
Share
Repurchases
Dividends
Acquisitions
Page 13
$0.16
$0.20 $0.24
$0.32
$0.00
$0.10
$0.20
$0.30
$0.40
2011 2012 2013 2014
Annual Dividend
• Repurchased ~5 million
shares in 2013
• 15 million shares
are available for
repurchase under
the current
authorization
The New PolyOne: A Specialty Growth Company
2015 Target: $2.50 Adjusted EPS
Why Invest In PolyOne?
Strong past performance demonstrates that our strategy and
execution are working
• Megatrends align with our strengths
• Innovation and services provide differentiation, incremental
pricing power, and competitive advantage
• Strong and proven management team driving growth and
performance
• Addressable market exceeds $40 billion
Page 14
1
Schedule I
Reconciliation of Non-GAAP Financial Measures (Unaudited)
(Dollars in millions, except per share data)
Below is a reconciliation of non-GAAP financial measures to the most directly comparable measures calculated and presented
in accordance with U.S.
PolyOne Investor Presentation��Gabelli & Company �5th Annual Specialty Chemical Conference�March 20, 2014�
Forward – Looking Statements
Use of Non-GAAP Measures
PolyOne Commodity to Specialty Transformation
Strategy and Execution Drive Results
PolyOne�At A Glance
Mix Shift Highlights Specialty Transformation
Proof of Performance & 2015 Goals
Bridge To $2.50 Adjusted EPS By 2015
Innovation Drives Earnings Growth
Unique and Innovative Solutions that Help Customers Win
Debt Maturities & Pension Funding – 12/31/13
Free Cash Flow and Strong Balance Sheet Fund Investment
Why Invest In PolyOne?
https://www.avient.com/sites/default/files/2021-06/fl.datasheet-belthose-reinforcement.pdf
FL.Datasheet Belt&Hose Reinforcement.indd
FIBER OPTICAL CABLES
Key Features
• Flexible & lightweight reinforcements
• Limited elongation & high strength
• Various twisted & corded constructions
available
• Significantly reduce fraying during
processing
• Metered lengths available
FIBER-LINE® FIBERS
FOR BELT & HOSE REINFORCEMENT
• Kevlar® Para-Aramid
• Vectran® Liquid Crystal Polymer (LCP)
• Carbon Fiber
• PET Polyester
• Technora®
FIBER-LINE® PERFORMANCE
ADDING COATINGS
• Bondcoat™:
Adhesion promotion to urethanes
Overview
• FIBER-LINE® produces various twisted and corded products for
re-inforcement in drive/timing belts and hoses.
POPULAR BELT & HOSE REINFORCEMENT PRODUCTS
Product ID
Coating
Base Fiber
Nominal
Break
Strength
Nominal
Yield
Geometry
Diameter
Notes
K1000T
FIBER-LINE®
43 LBs
(19 KGs)
12987 FT/LB
8725 M/KG
Round/Flat .374 mm
Twisted Kevlar
with heat-activated
K2160T
100 LBs
(45 KGs)
5847 FT/LB
3928 M/KG
Round/Flat .558 mm
Twisted Kevlar with
heat-activated
K1500 1x2x3
400 LBs
(180 KGs)
1366 FT/LB
917 M/KG
Round 1.22 mm
Twisted Kevlar cord
with heat-activated
V1500 2x3
Vectran
550 LBS
(250 KGs)
1373 FT/LB
921 M/KG
Round 1.305 mm
Twisted Vectran cord
with heat-activated
LOCATIONS
Headquarters, R&D, Manufacturing
FIBER-LINE® LLC
3050 Campus Drive
Hatfield, PA 19440
+1 215.997.9181
fiber@fiber-line.com
Manufacturing Operations
FIBER-LINE® LLC
280 Performance Drive SE
Hickory, NC 28602
+1 828.326.8700
fiber@fiber-line.com
EMEA & Asia Pacific Operations
FIBER-LINE® INTERNATIONAL B.V.
We believe that our ongoing
commitment to protect the environment, to remain at
the forefront of fiber and coating technology, and to
‘treat others as we want to be treated’ will continue to
drive the success of our customers, shareholders, and
employees.
https://www.avient.com/sites/default/files/2021-06/fl.a4.datasheet-technora.pdf
Key Features
• High tenacity & modulus
• Excellent abrasion & fatigue resistance
• Excellent chemical & steam resistance
• Very low creep
• High thermal stability
• Lower moisture regain than
other para-aramids
Disadvantages
• Lower modulus compared to carbon and
high modulus para-aramids
• Poor UV resistance
FIBER-LINE® PROCESS FOR
TECHNORA®
• Coating
• Twisting
• Polymer Jacket Extrusion
• Stranding
• Overbraiding
• Precision Winding
FIBER-LINE® TECHNORA® PRODUCTS
• Ripcords
• Strength Members
• Industrial Fabric Yarn
• Wire Harness Yarn
• Drive Belt & Hose Reinforcement
• Synthetic Wire Rope
WHY TECHNORA®?
TECHNORA®
TECHNORA® DATA
Standard Modulus
* Equilibrium moisture regain @ 55% RH ** Creep @ 40%-58% ultimate tensile strength *** Shrinkage in dry air @ 177 C for 30 minutes
LOCATIONS
Headquarters, R&D, Manufacturing
FIBER-LINE® LLC
3050 Campus Drive
Hatfield, PA 19440
+1 215.997.9181
fiber@fiber-line.com
Manufacturing Operations
FIBER-LINE® LLC
280 Performance Drive SE
Hickory, NC 28602
+1 828.326.8700
fiber@fiber-line.com
EMEA & Asia Pacific Operations
FIBER-LINE® INTERNATIONAL B.V.
We believe that our ongoing
commitment to protect the environment, to remain at
the forefront of fiber and coating technology, and to
‘treat others as we want to be treated’ will continue to
drive the success of our customers, shareholders, and
employees.
https://www.avient.com/sites/default/files/2021-06/fl.datasheet-pultrusion.pdf
MOVING HIGH PERFORMANCE FIBERS FORWARD
LOCATIONS
Headquarters, R&D, Manufacturing
FIBER-LINE® LLC
3050 Campus Drive
Hatfield, PA 19440
+1 215.997.9181
fiber@fiber-line.com
Manufacturing Operations
FIBER-LINE® LLC
280 Performance Drive SE
Hickory, NC 28602
+1 828.326.8700
fiber@fiber-line.com
EMEA & Asia Pacific Operations
FIBER-LINE® INTERNATIONAL B.V.
We believe that our ongoing
commitment to protect the environment, to remain at
the forefront of fiber and coating technology, and to
‘treat others as we want to be treated’ will continue to
drive the success of our customers, shareholders, and
employees.
https://www.avient.com/sites/default/files/2023-10/2023 Hammerhead Application _ Install Guide.pdf
GL
AS
S/
EP
OX
Y
TA
B
M
AT
ER
IA
L
N
O
T
AB
BREAK
Hammerhead with
5 lb/ft3 (80 kg/m3)
420 lbs
191 kg
Hammerhead with
7 lb/ft3 (115 kg/m3)
2 in
370 lbs
168 kg
Hammerhead with
8 lb/ft3 (135 kg/m3)
332 lbs
151 kg
984 lbs
446 kg
Glass/Polyester
with Balsa Core
1298 lbs
589 kg
Hammerhead with
5 lb/ft3 (80 kg/m3)
Core Density -
ITW Plexus
MA420 Adhesive
NA 501 lbs
227 kg
Hammerhead with
7 lb/ft3 (115 kg/m3)
Core Density -
ITW Plexus MA420
Adhesive
NA 839 lbs
381 kg
Hammerhead with
8 lb/ft3 (135 kg/m3)
Core Density -
ITW Plexus
MA420 Adhesive
NA 1156 lbs
524 kg
Hammerhead with
8 lb/ft3 (135 kg/m3)
Core Density -
Crestomer
1152PA Adhesive
NA 1530 lbs
694 kg
Hammerhead with
8 lb/in3 (135 kg/m3)
Core Density -
Crestomer
M1-30 Adhesive
NA 1471 lbs
667 kg
Mixed Conditions
ADHESIVE
DESCRIPTION
ADHESIVE
GRADE MANUFACTURER
AVERAGE
BOND
STANDARD
DEVIATION
FAILURE
MODE
BEST ADHESION
2k Urethane 75421 Lord 2281 psi
15.73 MPa
184 psi
1.27 MPa
Substrate
Cohesive
2k Acrylic SA1-705 GRY1 AccraLock 2211 psi
15.24 MPa
78 psi
0.54 MPa Substrate
2k Acrylic Plexus MA420 ITW 2171 psi
14.97 MPa
262 psi
1.81 MPa Substrate
2k Acrylic SA10-05 Blk1 AccraLock 2102 psi
14.49 MPa
138 psi
0.95 MPa Substrate
2k Urethane 75451 Lord 2047 psi
14.11 MPa
68 psi
0.47 MPa Cohesive
2k Acrylic SA1-705 GRY 1:2 AccraLock 1966 psi
13.56 MPa
68 psi
0.47 MPa Substrate
2k Acrylic Scotchweld 8010 3M 1907 psi
13.15 MPa
61 psi
0.42 MPa Adhesive
Cyanoacrylate Gorilla Glue Gorilla Glue 1885 psi
13.00 MPa
432 psi
2.98 MPa Cohesive
2k Acrylic Crestabond PP-04 Scott Bader 1873 psi
12.91 MPa
281 psi
1.94 MPa Substrate
2k Acrylic SA10-05 Blk 10:2 AccraLock 1779 psi
12.27 MPa
127 psi
0.88 MPa Cohesive
2k Urethane 75422 Lord 1716 psi
11.83 MPa
190 psi
1.31 MPa
Cohesive
Adhesive
2k Urethane 75452 Lord 1535 psi
10.58 MPa
98 psi
0.68 MPa Adhesive
2k Methacrylate Polyfuse Icon
Containment
1610 psi
11.10 MPa
98 psi
0.68 MPa Adhesive
INTERMEDIATE ADHESION
2k Acrylic FA10-05 Blk
C010817 AccraLock 724 psi
4.99 MPa
58 psi
0.40 MPa Cohesive
2k Acrylic FA10-05 Blk1 AccraLock 722 psi
4.98 MPa
44 psi
0.30 MPa Cohesive
2k Epoxy Loctite Epoxy
Instant Mix Loctite 508 psi
3.50 MPa
81 psi
0.56 MPa Adhesive
2k Epoxy Gorilla Glue Epoxy Gorilla Glue 341 psi
2.35 MPa
198 psi
1.37 MPa Adhesive
NOT RECOMMENDED
2k Epoxy Loctite Epoxy
Marine Loctite 0 0 No bond
ADHESIVE SELECTION
Brands identified are owned by the manufacturers of the adhesive products.
1 surface sanded with 220 grit scuff prep 2 surface primed with 459T
FASTENER TYPE BENEFITS CONSIDERATIONS
Through-Bolting Best mechanical
locking system
Need back side
access to panel
Screw-In Anchor Highest pullout
strength Requires pilot hole
Cup Washer Spreads
compressive load
Requires relief hole;
For substructure and
hard point attachment
Wide Grip
(Bulb-Style)
Rivet
Ease of use—no
installation torque
limitations
For lower
load attachments
Sheet Metal or
Wood Screw
Readily available,
low cost
Penetrate both skins
for improved pullout
Shoulder Washer Limits
compressive load
Requires relief hole;
For substructure and
hard point attachment
For more information on installation, adhesives, and fasteners
for specific applications, please contact Avient.
https://www.avient.com/sites/default/files/2022-04/Sustainable Material Answers_ Recycled PET 2022.pdf
At Avient, we are proud to be a part of the solution, supporting
the shift from a linear economy to a circular economy and driving
sustainability for all of our stakeholders.
The
expanding beverage market in Asia Pacific
and the ease of bottle-to-bottle recycling
is expected to drive further growth for this
use case.
These commitments and mandates will continue to drive the high and
increasing demand for recycled plastic bottles.
https://www.avient.com/sites/default/files/2022-04/Avient Announces Agreement to Acquire Dyneema_0.pdf
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 employs approximately 8,700 associates and is certified ACC Responsible Care®, a
founding member of the Alliance to End Plastic Waste and certified Great Place to Work®.
https://www.avient.com/sites/default/files/2024-07/Colorants _ Additives for Appliances Brochure.pdf
wood, granite) can help differentiate the
appliance on the shelf.
https://www.avient.com/sites/default/files/2022-05/AVNT May IR Presentation w Non GAAP Recs.pdf
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 employs approximately 8,700 associates and is
certified ACC Responsible Care® and a founding
member of the Alliance to End Plastic Waste.
FX)
$429
$490
$3.05
$3.50
FY 2022 PERFORMANCE
16
$4,819
$5,100
+ 6%
(+ 8% excluding FX)
Adjusted EPS
+ 14%
(+ 17% excluding FX)
+ 15%
(+ 18% excluding FX)
(in millions) (in millions)
Sales Adjusted Operating Income
17
CASH FLOW / LEVERAGE
($ millions) 2022E
Cash Flow from Operating Activities 400$
Less:
Run-Rate CapEx (90)
CapEx for Clariant Integration (10)
CapEx for IT System Upgrade (15)
Total CapEx (115)
Free Cash Flow 285$
Adjusted EBITDA 635$
Net Debt / Adjusted EBITDA 1.7x
DYN E E MA ACQ U I S I T I O N
19
15x stronger than steel
Reduces weight by 30% vs. other solutions
Well-maintained global asset base poised to serve growing demand
• Purchase price of $1.48B represents 11.4x multiple of
2022 EBITDA
• Acquisition will expand Avient’s composites and fiber
portfolio with Dyneema®, the World’s Strongest Fiber™
• $415M sales and 30%+ EBITDA margins; Immediately
accretive to pro forma 2022 EPS, adding $0.35
• 1,300 patents globally, ~50% of sales patent protected
• 1,000+ employees across global production network and
dedicated technology centers
• Composites platform will increase from $261M to $680M in
revenue and from $49M to $180M in EBITDA Indicates Dyneema® location
$175M
(42%)
$65M
(16%)
$175M
(42%)
2022E Sales By Region ($M)
(1) $0.35 EPS excludes intangible amortization
(2) Based on 2022 expected results
(1) (2)
(2)
FIT WITH FOUR PILLAR STRATEGY
20
Specialization
• Innovation-led organization with
tremendous intellectual property value in
trademarks, patents and “know-how”
• Deep history of application development
and premium, leading brand with the
World’s Strongest FiberTM
Globalization
• Global customer base with an
established presence across all major
geographic regions
• Global technology centers complement
existing Composites applications and
expertise
Operational
Excellence
• Best-in-class safety performance
• Well-run and maintained asset base fit to
serve future growth
• Highly effective and reliable supply chain
with emphasis on optimizing service to
customers
Commercial
Excellence
• Deep customer relationships extend
across the value chain and drive ability
to grow
• Offer a full suite of services with an active
role in design, development and
commercialization
People
Experienced and
talented associates
with a passion for
safety, specialization
and winning
DYNEEMA® OVERVIEW
K E Y I N D U S T R I E S
PERSONAL PROTECTION
Military • Law Enforcement • First
Responders Body Armor • Helmets •
Vehicle Protection
$215M
MARINE & SUSTAINABLE
INFRASTRUCTURE
Towing / Mooring • Aquaculture •
Floating Wind • Offshore Cranes
$130M
CONSUMER
Consumer • Outdoor High Performance •
Safety Equipment
$70M
21 Figures reflect 2022 expected sales
MIFOverview Competition Valuechain &
Go-to-market Strategy Innovation Financials
TECHNOLOGY
22
1,200 1,300
2,500
Avient Dyneema Combined
Patents
• True specialty business – the World’s Strongest Fiber™
• Deep history of application development with customers,
strongest in the industry
• The only UHMwPE (ultra-high molecular weight polyethylene)
fiber producer that is backward integrated
o Provides innovation advantage through control of all steps of the process
• Complementary with our existing reinforced film expertise
(PolyStrand) and engineered fiber presences (Fiber-Line)
WINNING PROPERTIES
Ultra high strength vs. weight Highly flexible
Floats on water Chemically inert; no smell/taste and non-toxic
High resistance to UV radiation Self-lubricating, with low friction
One-of-a-kind technology
®
FORMULATION PROCESS
23
• Like Avient, Dyneema® offers similar
core competencies around formulation
and material science
• Technology that combines polymers and
fibers to provide specialized, high
performing solutions for customers
• Design capabilities ensure that
applications are highly customized for
the specified end use
DYNEEMA® IN THE VALUE CHAIN
24
UHMwPE
Fiber / Tapes
Military Personnel,
Law Enforcement
Heavy Marine,
Offshore Wind Energy
and Mooring,
Aquaculture
Outdoor,
Footwear, Apparel,
Inflatables
• Material Science
• Formulation
• Service
INTERMEDIATE MANUFACTURING
(CUSTOMERS) OEM / APPLICATION
DEMAND TRENDS
25
• Military spending and near-term demand for higher performing personal protection
products (like Dyneema®) expected to increase
o European NATO members annual defense spend expected to increase by up to 20%(1)
o Japan aiming to almost double defense spending over the next 5 years(2)
o Accelerated launch of next generation technology in North America
• Policy-driven demand for sustainable energy; growth in floating offshore wind
farms which require advanced, durable technology
o Offshore wind expected to grow at a CAGR of 32% with the level of annual installations
quadrupling over the next five years(3)
• Continued investment in aquaculture as a sustainable food source(4)
• Strong demand in outdoor high performance space across niche consumer
applications aligns with 10% growth assumption for Avient’s Composites portfolio
Sources:
(1) “Funding NATO”, NATO.int (April 1, 2022)
(2) “Japan Ruling Party Calls for Defense Spending Boost to 2% of GDP”, WSJ (April 21, 2022)
(3) “Global Wind Report 2021”, Global Wind Energy Council
(4) “Aquaculture Supports a Sustainable Earth”, NOAA Fisheries
26
A L I G N M E N T W I T H
S U S T A I N A B I L I T Y G O A L S
PRODUCTS
AVIENT’S EXISTING COMPOSITES PORTFOLIO
D I V E R S E C A P A B I L I T I E S A N D S O L U T I O N S S E R V I N G
M A N U F A C T U R E R S A N D O E M S
LFT Tapes Laminates/Panels Shapes Pultrusion Engineered Fibers
27
AVIENT’S COMPOSITES PORTFOLIO
SALES AND EBITDA
28
$74 $84
$216 $212
$261
$5 $10
$32
$41
$49
$180
0
100
150
200
$-
$50
$100
$150
$200
$250
$300
$350
$400
$450
$500
$550
$600
$650
$700
$750
2017 2018 2019 2020 2021 2022E
$680
• Dyneema® acquisition will further
improve Composites EBITDA margins
to 26%
• Dyneema® will complement our
existing portfolio with deep formulation
expertise, innovative culture and
global commercial presence
• Composites will continue to be a key
growth driver to deliver future revenue
growth in excess of GDP
(1) Pro forma for the acquisition of Dyneema®
DISTRIBUTION DIVESTITURE
CONSIDERATIONS
DISTRIBUTION HIGHLIGHTS
30
$21
$57
$69
$94
$105
0
100
150
2006 2011 2016 2021 2022E
• Leading North American Distribution business with
longstanding blue-chip supplier and customer
relationships
• Commercial excellence and regulatory knowledge have
grown healthcare portfolio to over 25% of sales and
positioned business for long-term growth
• Highly specialized portfolio of engineered polymers along
with sustainable solution offerings
• Leading digital capabilities through Avient Now, allowing
enhanced visibility and 24/7 interface with customers
• 98% free cash flow conversion drives greater than 30%
after-tax return on invested capital (ROIC)
• Potential divestiture allows us to remain modestly
leveraged with net debt to adjusted EBITDA expected to
be 2.9x and positions us for further specialty growth in the
future
EBITDA (in $M)
DYNEEMA® TRANSACTION OVERVIEW
31
- $1.48B net purchase price
- Represents 11.4x expected 2022 EBITDA
- Committed financing in place
- Permanent financing to be combination of available cash on-hand, new
Senior Unsecured Notes, new Senior Secured Term Loan
- Potential proceeds from Distribution divestment could be used to pay down
near-term maturing debt
- Closing expected in second half of 2022, subject to regulatory
approvals and certain customary closing conditions
Transaction
Value
Financing
Closing
Conditions /
Timing
CAPITAL STRUCTURE / LEVERAGE
32
• Financing commitments secured from Morgan Stanley
and J.P.
https://www.avient.com/sites/default/files/2021-06/fl.us-.datasheet-kevlar-para-aramid.pdf
KEVLAR® PARA-ARAMID DATA
KEVLAR® PARA-ARAMID (HM) BARE FIBER PERFORMANCE
* Equilibrium moisture regain @ 55% RH ** Creep @ 40%-58% ultimate tensile strength *** Shrinkage in dry air @ 177 C for 30 minutes
ABOUT FIBER-LINE®
LOCATIONS
Headquarters, R&D, Manufacturing
FIBER-LINE® LLC
3050 Campus Drive
Hatfield, PA 19440
+1 215.997.9181
fiber@fiber-line.com
Manufacturing Operations
FIBER-LINE® LLC
280 Performance Drive SE
Hickory, NC 28602
+1 828.326.8700
fiber@fiber-line.com
EMEA & Asia Pacific Operations
FIBER-LINE® INTERNATIONAL B.V.
We believe that our ongoing
commitment to protect the environment, to remain at
the forefront of fiber and coating technology, and to
‘treat others as we want to be treated’ will continue to
drive the success of our customers, shareholders, and
employees.