https://www.avient.com/products/fiber-line-engineered-fiber-solutions/fiber-line-performance-enhancing-processes
Kevlar® Distribution Program
Kevlar® Distribution Program
Small quantity orders through our Authorized Kevlar and Nomex Distributor program
https://www.avient.com/sites/default/files/AVNT Q1 2023 Earnings Press Release.pdf
Factors
that could cause actual results to differ materially from those implied by these forward-looking
statements include, but are not limited to: disruptions, uncertainty or volatility in the credit
markets that could adversely impact the availability of credit already arranged and the
availability and cost of credit in the future; the effect on foreign operations of currency
fluctuations, tariffs and other political, economic and regulatory risks; changes in laws and
regulations regarding plastics in jurisdictions where we conduct business; fluctuations in raw
material prices, quality and supply, and in energy prices and supply; production outages or
material costs associated with scheduled or unscheduled maintenance programs; unanticipated
developments that could occur with respect to contingencies such as litigation and
environmental matters; our ability to achieve strategic objectives and successfully integrate
acquisitions, including Avient Protective Materials; an inability to raise or sustain prices for
products or services; our ability to pay regular quarterly cash dividends and the amounts and
timing of any future dividends; information systems failures and cyberattacks; amounts for cash
and non-cash charges related to restructuring plans that may differ from original estimates,
including because of timing changes associated with the underlying actions; and other factors
affecting our business beyond our control, including without limitation, changes in the general
economy, changes in interest rates, changes in the rate of inflation and any recessionary
conditions.
Three Months Ended
March 31, 2023
Three Months Ended
March 31, 2022
Reconciliation to Condensed Consolidated Statements of Income $ EPS $ EPS
Net income from continuing operations attributable to Avient shareholders $ 20.8 $ 0.23 $ 64.4 $ 0.70
Special items, after tax (Attachment 3) 22.3 0.24 6.4 0.07
Amortization expense, after-tax 15.1 0.16 10.8 0.12
Adjusted net income / EPS $ 58.2 $ 0.63 $ 81.6 $ 0.89
8
Attachment 2
Avient Corporation
Condensed Consolidated Statements of Income (Unaudited)
(In millions, except per share data)
Three Months Ended
March 31,
2023 2022
Sales $ 845.7 $ 892.2
Cost of sales 598.1 637.8
Gross margin 247.6 254.4
Selling and administrative expense 190.5 152.2
Operating income 57.1 102.2
Interest expense, net (28.8) (16.9)
Other income (expense), net 0.7 (0.6)
Income from continuing operations before income taxes 29.0 84.7
Income tax expense (7.7) (20.0)
Net income from continuing operations 21.3 64.7
(Loss) income from discontinued operations, net of income taxes (0.9) 19.8
Net income 20.4 84.5
Net income attributable to noncontrolling interests (0.5) (0.3)
Net income attributable to Avient common shareholders $ 19.9 $ 84.2
Earnings (loss) per share attributable to Avient common shareholders - Basic:
Continuing operations $ 0.23 $ 0.70
Discontinued operations (0.01) 0.22
Total $ 0.22 $ 0.92
Earnings (loss) per share attributable to Avient common shareholders - Diluted:
Continuing operations $ 0.23 $ 0.70
Discontinued operations (0.01) 0.21
Total $ 0.22 $ 0.91
Cash dividends declared per share of common stock $ 0.2475 $ 0.2375
Weighted-average shares used to compute earnings per common share:
Basic 91.0 91.5
Diluted 91.8 92.3
9
Attachment 3
Avient Corporation
Summary of Special Items (Unaudited)
(In millions, except per share data)
Special items (1) Three Months Ended
March 31,
2023 2022
Cost of sales:
Restructuring costs, including accelerated depreciation $ (6.6) $ (4.4)
Environmental remediation costs (1.4) (2.0)
Reimbursement of previously incurred environmental costs — 0.6
Impact on cost of sales (8.0) (5.8)
Selling and administrative expense:
Restructuring, legal and other (15.7) 1.9
Acquisition related costs (3.4) (2.9)
Impact on selling and administrative expense (19.1) (1.0)
Impact on operating income (27.1) (6.8)
Other income (loss), net (0.2) 0.1
Impact on income from continuing operations before income taxes (27.3) (6.7)
Income tax expense (benefit) on above special items 6.9 1.8
Tax adjustments(2) (1.9) (1.5)
Impact of special items on net income from continuing operations $ (22.3) $ (6.4)
Diluted earnings per common share impact $ (0.24) $ (0.07)
Weighted average shares used to compute adjusted earnings per share:
Diluted 91.8 92.3
(1) Special items include charges related to specific strategic initiatives or financial restructuring such as: consolidation of operations; debt
extinguishment costs; costs incurred directly in relation to acquisitions or divestitures; employee separation costs resulting from personnel
reduction programs, plant realignment costs, executive separation agreements; asset impairments; settlement gains or losses and mark-to-
market adjustments associated with actuarial gains and losses on pension and other post-retirement benefit plans; environmental remediation
costs, fines, penalties and related insurance recoveries related to facilities no longer owned or closed in prior years; gains and losses on the
divestiture of operating businesses, gains and losses on facility or property sales or disposals; results of litigation, fines or penalties, where
such litigation (or action relating to the fines or penalties) arose prior to the commencement of the performance period; one-time, non-recurring
items; and the effect of changes in accounting principles or other such laws or provisions affecting reported results
https://www.avient.com/sites/default/files/2022-05/AVNT May IR Presentation w Non GAAP Recs.pdf
Factors that could cause actual results to differ materially from those implied by these forward-looking statements include, but are not limited to:
• The time required to consummate the acquisition of the Dyneema business, the satisfaction or waiver of conditions in the purchase agreement, the ability to obtain required regulatory or other third-party approvals and consents and
otherwise consummate the proposed acquisition of the Dyneema business;
• Our ability to achieve the strategic and other objectives relating to the proposed acquisition of the Dyneema business and possible sale of the Distribution business;
• Disruptions, uncertainty or volatility in the credit markets that could adversely impact the availability of credit already arranged and the availability and cost of credit in the future;
• The effect on foreign operations of currency fluctuations, tariffs and other political, economic and regulatory risks;
• The current and potential future impact of the COVID-19 pandemic on our business, results of operations, financial position or cash flows, including without any limitation, any supply chain and logistics issues;
• Changes in polymer consumption growth rates and laws and regulations regarding plastics in jurisdictions where we conduct business;
• Fluctuations in raw material prices, quality and supply, and in energy prices and supply;
• Production outages or material costs associated with scheduled or unscheduled maintenance programs;
• Unanticipated developments that could occur with respect to contingencies such as litigation and environmental matters;
• Our ability to pay regular quarterly cash dividends and the amounts and timing of any future dividends;
• Information systems failures and cyberattacks;
• Amounts for cash and non-cash charges related to restructuring plans that may differ from original estimates, including because of timing changes associated with the underlying actions; and
• Other factors described in our Annual Report on Form 10-K for the year ended December 31, 2021 under Item 1A, “Risk Factors.”
Purchase price multiple rapidly declining on strength of
business and synergy capture
(1) Financial information is pro forma to include a full year of Clariant Color acquisition
11.9%
16.2%
2019PF 2021
EBITDA Margins
SPECIALTY TRANSFORMATION
46%
66%
86%
100%
0%
40%
60%
80%
100%
2005 2010 2015 2021 2022 PF
%
o
f A
dj
us
te
d
EB
IT
D
A(1
)
JVs Distribution Performance Products & Solutions Specialty
(1) Adjusted EBITDA is EBITDA excluding corporate costs and special items
(2) Pro forma for the acquisition of Dyneema® and potential divestiture of Distribution
(2)
38
CULTURE AND PEOPLE
39
OUR SPECIALTY JOURNEY CONTINUES
40
• Dyneema® brings leading technology and brand with the World’s
Strongest Fiber™, deep history of application development and
strong management team focused on specialty applications
• Dyneema® transaction is aligned with our previously stated acquisition
goal of expanding our composites and fiber capabilities
• Similar to our other technology expansion acquisitions, Dyneema®
allows us to leverage our invest-to-grow strategy
• We plan to explore a possible sale of our Distribution business.
Our free cash flow supports
shareholder value creation through
investing in R&D for organic growth,
completing bolt-on acquisitions, and
returning cash to shareholders via our
dividend program and opportunistic
share repurchases.
44 1.
https://www.avient.com/industries/healthcare/medical-devices-equipment
Develop functional equipment that can deter contamination and degradation using high-quality polymer material solutions built to withstand demanding healthcare environments.
Develop functional equipment that can deter contamination and degradation using high-quality polymer material solutions built to withstand demanding healthcare environments.
Sync design with manufacturability: Learn about how Avient Design can help simplify your new product development process
https://www.avient.com/resource-center?document_type=0&industry=0&product_family=1688&product_subfamily=0&product_name=0&op=FILTER RESULTS&form_id=resource_filter_form&page=1
Long Fiber Technologies Application Development
Avient long fiber technologies application development center bulletin highlighting services including design support, material validation, simulation support, and in-house prototyping
Complēt MT proved material performance success through extensive Mold Flow and FEA simulations to prove concept without prototyping and minimize development costs
https://www.avient.com/products/fiber-line-engineered-fiber-solutions/fiber-line-performance-enhancing-processes/performance-enhancing-coating
Our performance enhancing coatings have been developed to improve the natural characteristics of synthetic fibers.
Our research, development and engineering teams are continually developing and testing new coating technology, and adding to our unique portfolio of high performance coatings with the latest in tensioning equipment, coating/wiping tooling, and curing technology.
https://www.avient.com/news/avient-expands-launch-new-recycled-tpe-grades-asia-support-greater-use-recycled-materials-automotive-vehicles
These new grades of TPEs, launched earlier this year in Europe, contain 25%-55% post-consumer recycle (PCR) content, complement the existing offering of PCR-based products for polypropylene (PP) overmolding, and are specially developed for automotive interior applications such as mats, grips, and console trays.
In addition, Avient can provide product carbon footprint (PCF) values for these and other products using our PCF calculator, which was developed in accordance with ISO 14067:2018 Standard and third-party certified by TÜV Rhineland.
Developed for injection molding, Avient’s new grades for PP overmolding can deliver durable primeless bonding performance and are available in natural and custom-colored grades with hardnesses from Shore 40A to 80A.
https://www.avient.com/news/avient-launches-new-density-modified-polymers-recycled-and-bio-based-content
First-generation Gravi-Tech Density Modified Formulations were developed to mimic the luxurious look, weight, and feel of die-cast or machined metals by using select metallic fillers and thermoplastic resin.
Both are developed to offer comparable performance to conventional density-modified solutions but with less reliance on virgin thermoplastics, supporting the circular economy and reducing carbon footprint relative to fossil feedstock resin alternatives.
Gravi-Tech Density Modified Formulations were originally developed to provide an effective alternative to lead and other traditional metals,” said Matt Mitchell, director of global marketing, Specialty Engineered Materials at Avient.
https://www.avient.com/news/polyone-helps-polycase-win-“ammo-year”-polymer-based-ammunition
PolyOne developed a specific Gravi-Tech formulation that makes it possible to produce the unique geometry of the bullet while maintaining balance and weighting requirements to deliver higher velocity and more efficient energy transfer.
Fifer added, “We were impressed by the innovations PolyCase has developed and incorporated into the ARX bullet technology.
About PolyCase Ammunition
PolyCase Ammunition develops, manufactures, markets, and sells world-class, patent pending, small arms ammunition and projectiles used by discerning professionals, law enforcement, and sports shooters.
https://www.avient.com/news/polyone-helps-global-vision-2020-bring-usee-life
A Pioneering Vision Correction Solution for the Developing World
Designers Brian Everett, Jane Spikowski, and John Church of PolyOne’s IQ Design team donated design time and expertise to help White, executive director of GV2020, develop his invention, a diagnostic device called the U-See™.
VIDEO NOTE: PolyOne has created a video detailing this collaboration, which can be viewed here: A Pioneering Vision Correction Solution for the Developing World