PolyOne completes US$1.4 bn Clariant Masterbatch acquisition to form Avient
02 Jul 2020 --- PolyOne, a leading global provider of specialized polymer materials and services, has completed the US$1.44 billion purchase of Clariant and Clariant Chemicals India’s color masterbatch businesses. PolyOne also announced that it has changed its name to Avient. Under its new brand name, Avient brings together two major global players with the aim of creating a specialty company focused on environmentally sustainable solutions. Clariant regards the divestment as an important milestone in its transformation into a focused specialty chemicals company.
The entry into the agreement to acquire the Clariant Masterbatch business was originally announced in December 2019. The Clariant Masterbatch business includes 46 manufacturing operations and technology centers in 29 countries and approximately 3,500 employees, who will join Avient's Color, Additives and Inks segment.
“With this acquisition, Avient now expects over 85 percent of adjusted EBITDA to be generated from specialty applications,” comments Robert M. Patterson, Chairman, President and CEO at Avient. “This is up from less than 10 percent 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 and Clariant are both founding members of the Alliance to End Plastic Waste. Avient generated revenue of US$2.9 billion in 2019 and intends to continue investing in material science for high-growth end markets, poised for value creation in the long-term. The company employs approximately 9,100 associates.
With the completed transaction, Clariant takes another significant step towards becoming a pure-play specialty chemical company, says Hariolf Kottmann, Clariant’s Executive Chairman ad interim. “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.”
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 July 13, 2020. As of that date, the “POL” trading symbol will no longer be active.
Aviants key R&D areas include:
- Barrier technologies that preserve the shelf life and quality of food, beverages, medicine and other perishable goods through high-performance materials that require less plastic.
- Lightweighting solutions that replace heavier traditional materials like metal, glass and wood, which can improve fuel efficiency in all modes of transportation.
- Breakthrough technologies that minimize wastewater and improve the recyclability of materials and packaging across a spectrum of end uses.
Edited by Joshua Poole
