Avient completes sale of distribution business to HIG Capital

Avient completes sale of distribution business to HIG Capital

ClevelandAnd the November 1, 2022 /PRNewswire/ – Avient Company (NYSE: AVNT), the main world supplier of specialised and sustainable supplies options, as we speak introduced that it has accomplished the beforehand introduced sale of its distribution enterprise to a subsidiary of HIG Capital as a way to: 950 million {dollars} In money, with an anticipated after-tax return of approx 750 million {dollars}.

“Finishing the distribution sale allows us to profit modestly whereas furthering our specialty transformation with the latest acquisition of the DSM Protecting Supplies enterprise and the Dyneema model,” he mentioned. Robert M PattersonChairman, President, and CEO of Avient Company. “As beforehand introduced, we intend to make use of the online proceeds from the sale of the distribution to repay excellent debt within the close to time period.”

Extra particulars will probably be offered throughout Avient’s beforehand scheduled third-quarter earnings convention name tomorrow November 2, 2022 in 8 a.m. ET.

HIG Capital introduced as we speak that the previous Avient Distribution will now function as an impartial firm referred to as Formerra.

About Avient

Avient Company (NYSE: AVNT) gives personalized and sustainable bodily options that rework buyer challenges into alternatives, and produce new merchandise to life for a greater world. Examples embody:

  • Dyneema®, the world’s strongest fiber™, allows unparalleled ranges of efficiency and safety for end-use functions, together with private ballistic safety, marine and sustainable infrastructure and outside sports activities.
  • Distinctive applied sciences that enhance the recyclability of merchandise and allow the incorporation of recycled content material, thus selling a extra round economic system
  • Light-weight options that change heavy conventional supplies similar to metallic, glass and wooden, which might enhance gas effectivity in all modes of transportation and scale back the carbon footprint
  • Sustainable infrastructure options that improve vitality effectivity, renewable vitality, conservation of pure assets, and entry to the fiber optic community/5G

Avient is ACC Accountable Care® Licensed, a founding member of Alliance to Finish Plastic Waste® and Nice Place to Work® licensed. For extra data go to www.avient.com/.

forward-looking statements

On this press launch, statements that don’t report monetary outcomes or different historic data are “forward-looking statements” inside the that means of the Non-public Securities Litigation Reform Act of 1995. Ahead-looking statements give present expectations or predictions of future occasions and aren’t ensures of future efficiency. They’re primarily based on administration’s expectations that contain plenty of enterprise dangers and uncertainties, any of which might trigger precise outcomes to vary materially from these made or implied by forward-looking statements. They use phrases similar to “will,” “anticipate,” “estimate,” “anticipate,” “challenge,” “intend,” “plan,” “consider,” and different phrases and phrases with an analogous that means in reference to any dialogue of future working or monetary place and efficiency. and/or gross sales. Elements that might trigger precise outcomes to vary materially from these implied by these forward-looking statements embody, however aren’t restricted to: disruptions, uncertainty or fluctuations in credit score markets that might adversely have an effect on the supply, availability and price of credit score already organized sooner or later. ; the impression of foreign money fluctuations, tariffs and different political, financial and regulatory dangers on overseas operations, together with recessionary situations; The present and potential future impression of the COVID-19 pandemic on our enterprise, outcomes of operations, monetary place or money flows; modifications in polymer consumption development charges and plastics-related legal guidelines and rules within the jurisdictions wherein we do enterprise; fluctuations within the worth, high quality and provide of uncooked supplies and in vitality costs and provides; Manufacturing interruptions or materials prices related to scheduled or unscheduled upkeep programmes; Unexpected developments that might happen in reference to emergencies similar to litigation and environmental issues; Our capability to realize strategic and different aims associated to the Avient Protecting Supplies enterprise; lack of ability to lift or preserve costs for services or products; our capability to pay common quarterly money dividends and the quantities and timing of any future dividends; malfunctions of data techniques and digital assaults; Quantities of money and non-cash expenses associated to restructuring plans that will differ from the unique estimates, together with attributable to timing modifications related to the underlying actions; Different components that have an effect on our enterprise are past our management, together with however not restricted to modifications within the normal economic system, modifications in rates of interest, modifications within the fee of inflation and any recession situations. The above checklist of things will not be exhaustive.

Any forward-looking assertion speaks solely as of the date this assertion was made, and we undertake no obligation to publicly replace forward-looking statements, whether or not because of new data, future occasions or in any other case. You might be suggested to confer with every other disclosures we make about related matters in our Kind 10-Q, 8-Ok, and 10-Ok experiences that we file with the Securities and Alternate Fee.

To entry Avient’s on-line information library, please go to www.avient.com/news

Firm SOURCE Avient

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