https://www.avient.com/sites/default/files/2023-11/AVNT November IR Presentation.pdf
We create
specialized and sustainable material solutions that transform
customer challenges into opportunities, bringing new products
to life for a better world.
Our customers value the
breadth of our solutions as we can tap into a broad array of
raw materials to solve their specific needs.
Our formulation
expertise supports material science decisions, while our
processing expertise guides customers to use the materials
properly.
https://www.avient.com/sites/default/files/2022-04/Gas Pipe Mfgr Application Snapshot.pdf
Gas Pipe Mfgr Application Snapshot
G A S D I S T R I BU T I O N
P I P E M A N U FAC T U R E R
P R O F I L E E X T R U S I O N
• Meet Plastic Pipe Institute (PPI) gas distribution pipe
approval requirements for ASTM D2513 and PE2708
MDPE
• Reduce the number of quality complaints through
enhanced color distribution and consistency
• Eliminate late notifications and poor communications with
a higher level of customer service from their supplier
• Provided a PPI-approved colorant as
required with the added benefit of additional
UL and NSF approvals
• Supplied improved solid colorant formulation
resulting in fewer customer complaints
• Offered a premier problem solving approach
with enhanced communications and
increased sense of urgency
OnColor™ Yellow Solid Colorant
KEY REQUIREMENTS
WHY AVIENT?
https://www.avient.com/sites/default/files/2020-09/versaflex-pf-technical-bulletin-sept-2020.pdf
BENEFITS OF VERSAFLEX PF FOR
SURFACE PROTECTIVE FILMS:
• Customizable tack
• Single-step manufacturing process (co-
extrusion)
• Low volatile organic compound (VOC)
emissions during manufacturing
• Eliminates secondary coating and drying
operations
• Eliminates hazardous liquid chemicals
compared to solvent systems
• Reduces converting costs versus coating
• Reduces energy consumption
MARKETS AND APPLICATIONS
Versaflex PF formulations, customizable
based on desired level of tack, are co-extruded
with protective films to provide just the right
amount of protection during the fabrication,
assembly, shipment, storage and installation of
finished goods in many industries and end-use
applications including:
• Optical films and display panels for consumer
electronics
• Home appliances
• Construction and building materials
• Furniture and cabinetry
• Automotive and other transportation
100/0 90/10 80/20 70/30 60/40 40/60 30/70 20/80 10/90 0/100
0.9
1.1
2.0
2.4
2.8
3.7
3.8
4.9
0
1
2
3
4
5
6
7
8
6.5
1.6
Versaflex PF
MD6727
Versaflex PF
MD6748
Versaflex PF
MD6700
Versaflex PF
MD6666
Versaflex PF
9512
Versaflex PF
MD6649
Versaflex PF
MD6741
0
2
4
6
8
10
12
% of MD6741/MD6700
Degree of tack can be customized for substrate surfaces.
https://www.avient.com/sites/default/files/2024-05/3b - Corporate Governance Guidelines.Draft Feb. 2024.v1.2.Revised.4-16-24.Final_.pdf
Service on Other Boards
The Company does not have a policy restricting the number of boards of directors on
which a director may serve.
Communications with the public, the press, customers, securities analysts and
shareholders should typically be handled by the Chief Executive Officer or other senior
management.
As part of this
guideline, all directors are required to retain 100% of all shares obtained through the
Company as compensation for services provided to the Company, such percentage to be
calculated after any reduction in the number of shares to be delivered as a result of any
taxes and exercise costs relating to such shares.
https://www.avient.com/sites/default/files/2020-08/advanced-composites-overview-brochure_0.pdf
AVIENT
ADVANCED
COMPOSITES
OVERVIEW
LOWER
ENERGY
COSTS
Requires less
energy during
installation
and use
INCREASE
COMPETITIVE
ADVANTAGE
Customizable
solutions for
specific
application
needs
REDUCE
PRODUCT
LIFECYCLE
COSTS
Lower
installation
time, as well as
warranty and
part replacement
expenses
EXTEND
PRODUCT
LIFETIME
Corrosion,
flame, fatigue
and UV
resistant for
improved
durability
DESIGN
STRONG,
LIGHTER
WEIGHT
COMPONENTS
Up to 75%
lighter than
steel and up
to 25% lighter
than aluminum
ADVANCED COMPOSITES
An exceptional alternative to traditional materials such
as wood, ceramic and metal, advanced composite
solutions enable designers to:
• Design lighter weight structural components for
increased lifetime performance and improved
fuel efficiency—higher strength-to-weight ratios
to exceed the structural performance of traditional
materials while significantly reducing weight—up
to 75% lighter than steel and up to 25% lighter
than aluminum
• Extend product lifetime to reduce part
replacement and decrease warranty expenses—
the corrosion, weather, flame and fatigue
resistance of composite solutions improve
component durability
• Reduce product lifecycle costs—the extended
product lifetime, along with the potential for
reduced installation time and cost due to the lighter
weight of composite solutions, significantly reduces
the associated cost over the lifetime of a part
• Lower energy costs—by leveraging a higher
strength-to-weight ratio, composite solutions
allow designers to engineer products that require
less energy or power during installation and use
• Increase competitive advantage—Avient
advanced composite solutions can be customized
to provide electrical insulation, thermal insulation,
radiopacity, low thermal expansion, flexural
memory and load damping, while delivering
desired performance and aesthetic specifications
TRANSPORTATION
Truck floors, liners and aerodynamic components,
rail car doors and panels, automotive structural
solutions, leaf springs, traffic safety markers
and delineators, air cargo unit load devices (ULDs)
The Avient advanced composites portfolio offers customized solutions
to serve a full range of markets and industries, including:
USES & APPLICATIONS
ENERGY
Wind turbine blade stiffening components,
sucker rods, oil & gas production solutions
BUILDING & CONSTRUCTION
Structural blast protection, garage doors, modular
construction, temporary shelters, architectural
columns, concrete and masonry reinforcements,
pipe reinforcement
HEALTHCARE
External orthopedic fixators, endoscopy wands,
prosthetics
MARINE
Panels for decking, bulkheads, cabinets, doors,
transoms, ceilings; reinforcements for stringers;
sail battens
CONSUMER & RECREATION
Archery bow limbs and risers, furniture springs, diving
board springs, golf flagpoles, snowsports equipment,
sporting stick shafts, paddle shafts, lightweight and
extendable mast structures
ELECTRICAL &
TELECOMMUNICATIONS
Utility poles and cross-arms, high voltage transmission
& distribution insulator cores, surge arresters, bus bar
covers and electrical tool components
INDUSTRIAL
Pallet stiffeners, pipe reinforcement, conveyor springs,
dock shelters
PROCESSES &
CAPABILITIES
Avient’s reinforced composite technologies use carbon, glass and aramid fibers with custom formulated thermoset
or thermoplastic resins in continuous forming processes.
These methods include:
PULTRUSION
• Fibers are impregnated with liquid thermoset
resins, then pulled through a heated die to cure
the resin and form the product
• This continuous, automated manufacturing
process creates constant cross section profiles
of any pre-determined length with consistent,
uniform quality and exceptional mechanical
performance
• Applications include rods and profiles of various
lengths and complexities, such as utility poles,
insulator core rods and structural beams
CONTINUOUS FILAMENT WINDING
• Combines the principles of filament winding with
pultrusion to create constant or tapered cross-
sectional tubing in precision sizes
• The unique axial and biaxial fiber orientation
provides flexural and tensile strength, as well as
crush and burst resistance
• Applications include lightweight shelter frames
and sporting goods components
CONTINUOUS RESIN TRANSFER MOLDING (CRTM™)
• Engineered core materials are sandwiched
between structural composite laminate face sheets
• Continuous composite sandwich panels feature
high specific strength and stiffness-to-weight ratio
• Applications include ballistic resistant panels,
truck floors and rail car doors
CONTINUOUS FIBER REINFORCED THERMOPLASTICS
• Fully recyclable tape, X-Ply™ (0°/90°), and other
multi-ply configurations with widths up to 10' wide
• Sandwich panels in unlimited lengths,
up to 6" thick and 10' wide
• High volume production capacity
• Applications include structural and aerodynamic
components in transportation, and reinforcement
of materials such as wood and metal
THERMOSET COMPOSITE LAMINATES & BARSTOCK
• Unidirectionally reinforced barstock, laminates
and hybrid composites engineered to maximize
deflection and fatigue resistance
• Customizable shapes and sizes
• Applications include archery bow limbs, flat
springs, prosthetics, sporting equipment
THERMOSET FINISHING OPERATIONS
• Customized finishing capabilities for barstock and
laminates including machining, water-jet cutting,
profiling/shaping, sanding, slitting, laminating,
molding and coatings
TESTING CAPABILITIES
• Mechanical – Flexural, tensile, compression, shear,
fatigue, impact resistance
• Physical – Specific gravity/density, Barcol
hardness, water absorption, void content,
resin/fiber content, dye penetrant, viscosity
• Thermomechanical – Coefficient of linear thermal
expansion, glass transition temperature, deflection
temperature, degree of cure, curing properties
• Electrical – High-voltage, low current dry arc
resistance of solid electrical insulation, dielectric
strength, water diffusion
ABOUT AVIENT
ADVANCED COMPOSITES
The Avient advanced composites portfolio
consists of Glasforms™, Gordon Composites™
and Polystrand™ branded materials.
Avient’s designers and engineers
formulate and manufacture customized
solutions to meet the technical and structural
demands of design across a broad range of
market applications.
https://www.avient.com/sites/default/files/resources/PolyOne%2520IR%2520Presentation%2520-%2520RW%2520Baird%25202015%2520Industrial%2520Conference%2520-%2520November%25202015.pdf
They are based on management’s expectations that involve a number of business risks and uncertainties, any of which
could cause actual results to differ materially from those expressed in or implied by the forward-looking statements.
PolyOne Corporation Page 4
PolyOne Commodity to Specialty Transformation
• Volume driven,
commodity producer
• Heavily tied to
cyclical end markets
• Performance largely
dependent on non-
controlling joint
ventures
2000-2005 2006 - 2009 2010 – 2014 2015 and beyond
• 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
• Substantial EPS growth
from $0.13 to all-time
high of $1.80
• Shift to faster growing,
high margin, less
cyclical end markets
• Key acquisitions propel
current and future
growth, as well as
margin expansion
• Specialty mix expands
to 65% of Operating
Income – strongest mix
of earnings in history
• Accelerating growth
• Deliver consistent
double digit annual
EPS growth
• Maintain >35% vitality
index
• Pursue strategic
acquisitions that
expand specialty
offerings and
geographic breadth
• Invest and grow
current and next
generation talent
PolyOne Corporation Page 5
Appliances
5%
Building &
Construction
12%
Consumer
10%
Electrical &
Electronics
5%
Healthcare
11%
Industrial
14%
Packaging
14%
Transportation
20%
Wire & Cable
9%
Distribution
28%
PP&S
20%
Specialty
52%
United States
69%
Europe
13%
Canada
7% Asia
6%
Latin America
5%
2014 Revenues: $3.8 Billion
End Markets
2014 Revenues: $3.8 Billion
PolyOne
At A Glance
$0.12
$0.27 $0.21
$0.13
$0.68
$0.82
$1.00
$1.31
$1.80
2006 2007 2008 2009 2010 2011 2012 2013 2014
Adjusted EPS
PolyOne Corporation Page 6
Old
PolyOne
*Operating Income excludes corporate charges and special items
2%
34% 43%
62%
65% 66%
0%
20%
40%
60%
80%
100%
2005 2008 2010 2013 2014 YTD 2015 2020
%
o
f O
pe
ra
tin
g
In
co
m
e*
JV's Performance Products & Solutions Distribution Specialty
80%+
Specialty OI $5M $46M $87M $195M $242M $183M
Mix Shift Highlights Specialty Transformation
Transformation
2020
Platinum
Vision
Platinum
Vision
PolyOne Corporation Page 7
Confirmation of Our Strategy
Specialization Globalization
Operational
Excellence
Commercial
Excellence
Driven by our core values of Collaboration, Innovation and Excellence, we are the
world’s premier provider of specialized polymer materials, services and solutions
PolyOne Corporation Page 8
2006 YTD 2015 2020
“Where we were” “Where we are” Platinum Vision
1) Operating Income %
Specialty:
Global Color, Additives & Inks 1.7% 17.2% 20%+
Global Specialty Engineered
Materials 1.1% 15.1% 20%+
Designed Structures & Solutions 1.4% (2012) 3.5% 12 – 14%
Performance Products &
Solutions 5.5% 8.1% 10 – 12%
Distribution 2.6% 6.6% 6.5 – 7.5%
2) Specialty Platform % of
Operating Income 6.0% 66% 80%+
3) ROIC 5.0% 11.9% 15%
4) Adjusted EPS Growth N/A
24 Consecutive
Quarters of YOY
EPS Growth
Double Digit
Expansion
Proof of Performance & 2020 Goals
PolyOne Corporation Page 9
Innovation Drives Earnings Growth
*Percentage of Specialty Platform revenue from products introduced in last five years
$20
$52
2006 TTM
Research & Development
Spending
($ millions)
Specialty Platform
Vitality Index Progression*
14%
28%
2006 TTM
Specialty Platform
Gross Margin %
12%
43%
2006 TTM
Specialty Vitality Index Target ≥ 35%
TTM 9/30/15 TTM 9/30/15 TTM 9/30/15
PolyOne Corporation Page 10
Innovation Pipeline Potential
Prototype Frame
Opportunity
Scale-up & Test
Market
Build
Business Case
Commercial
Launch
Phase 1 Phase 2 Phase 3 Phase 4 Phase 5
12
4
9
6
1
6
3 7 4
5
6
1
1
7
2
Breakthrough
Platform
Derivative
Number of Projects 12 10 23 19 10 74
Specialty
Addressable Market
($ millions)
- - $1,150 $1,000 $250 $2,400
PolyOne Corporation Page 11
Lightweighting with Advanced Composites
Increasing Healthcare Penetration
Innovation Initiatives
Expansion in Consumer Markets
New Market Development
$$$ $$ $
High Temperature Polymers
PolyOne Corporation Page 12
Design and Service as a Differentiator
Right Material &
Color
Desired
Product Design
Appropriate
Manufacturing Process
Delivering Concept to
Commercialization
Connecting
the Dots with
iQ Design Labs and
InVisiO Color Design
PolyOne Corporation Page 13
Customer First Through World-Class Service
Strengthening relationships through:
Providing LSS services to small/medium sized customers
• Supporting customers who lack their own formal process improvement initiatives
Providing training in Customer Centric Selling Skills with customers’
sales force
PolyOne Corporation Page 14
60%
97%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2008 Q3 2015
Pension Funding**
As of September 30, 2015
Debt Maturities & Pension Funding
Net Debt / Adjusted EBITDA** = 2.1x
$49
$121
$317
$600
$400
$0
$100
$200
$300
$400
$500
$600
$700
$800
2015 2018 2020 2023
Debt Maturities
As of September 30, 2015
($ millions)
Coupon Rate: 7.500% Variable* 7.375% 5.250%
** includes US-qualified pension plans only *Weighted average rate on revolver was 2.49% as of 9/30/15 **TTM 9/30/2015
PolyOne Corporation Page 15
Free Cash Flow and Strong Balance Sheet
Fund Investment / Shareholder Return
Expanding our sales,
marketing, and
technical capabilities
Investing in operational
and LSS initiatives
~75% of capital
expenditures fund
growth initiatives Organic
Growth
Acquisitions
Share
Repurchases
Dividends
$0.16
$0.20
$0.32
$0.40
$0.48
$0.10
$0.20
$0.30
$0.40
$0.50
2011 2012 2013 2014 2015 2016
Annual Dividend
Targets that expand
our:
• Specialty offerings
• End market
presence
• Geographic breadth
Synergy opportunities
Adjacent material
solutions
Repurchased nearly
2.4 million shares in Q3
2015
Repurchased 14.8
million shares since
early 2013
5.2 million shares are
available for
repurchase under the
current authorization
$0.24
PolyOne Corporation Page 16
The New PolyOne: A Specialty Growth Company
Why Invest In PolyOne?
Appendix
Q3 2015 Financial Highlights
At a Glance�Global Color, Additives and Inks
At a Glance�Global Specialty Engineered Materials
At a Glance�Designed Structures and Solutions
At a Glance�Performance Products and Solutions
At a Glance�Distribution
Plastics: Key to Future Sustainable Development
Commitment to Operational Excellence
Application Examples
Outdoor Applications
Slide Number 28
Authentication Technology
2015 Range Rover Evoque Interior
Slide Number 31
Metal Replacement Solutions
High-Barrier Packaging Containers
Aerospace Applications
Baird Non GAAP Rec.pdf
Baird - November 10, 2015
https://www.avient.com/sites/default/files/2022-04/Avient Acquisition of Dyneema and Q1 2022 Results_0.pdf
They are based on management’s expectations that involve a number of business risks and uncertainties, any of which could cause
actual results to differ materially from those expressed in or implied by the forward-looking statements.
Outdoor High Performance) 8 18% 3
Growth in Asia / LATAM 6 3% 2
Other 100 19% 5
Sub-total $1,327 14% $146
Outdoor High Performance Impact (5) (3)
Wage Inflation and Overtime (11)
Other Supply Chain Costs (4)
Synergies 5
Incentives, Other Employee Costs 8
FX (28) (5)
Q1 2022 $1,294 11% $136
Q1 2022 SALES AND OPERATING INCOME
( T O TA L C O M PA N Y )
6
Sales Growth Rate
Adjusted
Operating
Income$ millions
Adjusted
EBITDA
Q1 EBITDA BRIDGE
7
Price increases more than
offset raw material and
supply chain impacts
Q1 2021 $ 161
Demand (23)
$ millions
CAI:
Price / Mix 77
Inflation (54)
SEM:
Price / Mix 41
Inflation (26)
Distribution:
Price / Mix 84
Inflation (82)
Net Price Benefit 40
Wage Inflation and Overtime (11)
Other Supply Chain Costs (4)
Synergies 5
Incentives, Other Employee Costs 8
FX (5)
Q1 2022 $ 171
China Lockdowns / Russia Impact $ (7)
Transportation (7)
Outdoor High Performance (3)
Q1 EPS BRIDGE
8
Q1 2021 - Adjusted EPS 0.89$
CAI 0.08
Specialty Engineered Materials 0.06
Distribution 0.00
Corporate Costs 0.02
F/X (0.04)
Segment OI 0.12
Tax Rate (0.02)
Q1 2022 - Adjusted EPS 0.99$
10
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)
F I T W I T H F O U R P I L L A R S T R AT E G Y
11
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
DY N E E M A ® OV E RV I E W
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
12 Figures reflect 2022 expected sales
MIFOverview Competition
Value chain &
Go-to-market
Strategy Innovation Financials
TECHNOLOGY
13
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
14
• 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
15
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
16
• 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 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(2)
• Continued investment in aquaculture as a sustainable food source(3)
• 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) “Global Wind Report 2021”, Global Wind Energy Council
(3) “Aquaculture Supports a Sustainable Earth”, NOAA Fisheries
17
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
P RO D U C T S
AVIE NT ’S E XIS T ING COM P OS IT E S P ORT F OL IO
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
18
AV I E N T ’ S C O M P O S I T E S P O RT F O L I O
S A L E S A N D E B I T DA
19
$74 $84
$216 $212
$261
$5 $10
$32
$41
$49
$180
0
50
100
150
200
$-
$50
$100
$150
$200
$250
$300
$350
$400
$450
$500
$550
$600
$650
$700
$750
2017 2018 2019 2020 2021 2022E
$680
($ in millions)
• 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®
(1)
D I S T R I BU T I O N D I V E S T I T U R E
C O N S I D E R AT I O N S
D I S T R I BU T I O N H I G H L I G H T S
21
$21
$57
$69
$94
$105
0
50
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)
DY N E E M A ® T R A N S AC T I O N OV E RV I E W
22
- $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
C A P I TA L S T RU C T U R E / L E V E R AG E
23
• Financing commitments secured from Morgan Stanley
and J.P.
Three Months Ended
March 31, 2022
Reconciliation to Condensed Consolidated Statements of Income
GAAP
Results
Special
Items
Adjusted
Results
Operating Income $ 128.6 $ 7.8 $ 136.4
Income before income taxes $ 111.1 $ 7.7 $ 118.8
Income tax expense - GAAP (26.6) — (26.6)
Income tax impact of special items — (2.0) (2.0)
Tax adjustments — 1.5 1.5
Net income attributable to noncontrolling interests (0.3) — (0.3)
Net income attributable to Avient shareholders $ 84.2 $ 7.2 $ 91.4
EPS $ 0.91 0.08 $ 0.99
Weighted-average diluted shares 92.3 92.3 92.3
1
Three Months Ended
March 31, 2021
Reconciliation to Condensed Consolidated Statements of Income
GAAP
Results
Special
Items
Adjusted
Results
Operating Income $ 120.4 $ 2.4 $ 122.8
Income before income taxes $ 102.6 $ 2.4 $ 105.0
Income tax expense - GAAP (22.9) — (22.9)
Income tax impact of special items — (0.9) (0.9)
Tax adjustments — 1.1 1.1
Net income attributable to noncontrolling interests (0.4) — (0.4)
Net income attributable to Avient shareholders $ 79.3 $ 2.6 $ 81.9
EPS $ 0.86 0.03 $ 0.89
Weighted-average diluted shares 92.2 92.2 92.2
Year Ended
December 31, 2021
Reconciliation to Condensed Consolidated Statements of Income
GAAP
Results
Special
Items
Adjusted
Results
Operating income $ 381.2 $ 47.8 $ 429.0
Income from continuing operations before income taxes $ 304.6 $ 57.1 $ 361.7
Income tax expense - GAAP (74.0) — (74.0)
Income tax impact of special items — (13.0) (13.0)
Tax adjustments — 5.9 5.9
Net income attributable to noncontrolling interests 0.2 — 0.2
Net income from continuing operations attributable to Avient shareholders $ 230.8 $ 50.0 $ 280.8
EPS $ 2.51 0.54 $ 3.05
Weighted-average diluted shares 92.1 92.1 92.1
2
Reconciliation of EBITDA by Segment
Three Months Ended
March 31,
Year Ended
December 31,
2022 2021 2021
Operating income:
Color, Additives and Inks $ 94.5 $ 88.8 $ 303.1
Specialty Engineered Materials 39.7 34.2 132.0
Distribution 24.2 24.0 93.2
Corporate and eliminations (29.8) (26.6) (147.1)
Operating income $ 128.6 $ 120.4 $ 381.2
Items below OI in Corporate:
Other income, net $ (0.6) $ 1.5 $ (1.3)
Depreciation & amortization:
Color, Additives and Inks $ 26.0 $ 27.4 $ 105.7
Specialty Engineered Materials 7.8 7.8 31.7
Distribution 0.2 0.2 0.8
Corporate and eliminations 3.8 1.7 7.7
Depreciation & Amortization $ 37.8 $ 37.1 $ 145.9
EBITDA:
Color, Additives and Inks $ 120.5 $ 116.2 $ 408.8
Specialty Engineered Materials 47.5 42.0 163.7
Distribution 24.4 24.2 94.0
Corporate and eliminations (26.0) (24.9) (140.7)
EBITDA $ 165.8 $ 159.0 $ 525.8
Reconciliation of Sales, Operating Income and EBITDA - Distribution
Year Ended
December 31,
2006 2011 2016
Sales $ 732.8 $ 996.5 $ 1,071.0
Operating income 19.2 56.0 68.2
Depreciation & amortization 1.5 0.7 0.7
EBITDA $ 20.7 $ 56.7 $ 68.9
3
Three Months Ended
March 31,
Year Ended
December 31,
Reconciliation to EBITDA and Adjusted EBITDA: 2022 2021 2021
Net income from continuing operations – GAAP $ 84.5 $ 79.7 $ 230.6
Income tax expense 26.6 22.9 74.0
Interest expense 16.9 19.3 75.3
Depreciation and amortization from continuing operations 37.8 37.1 145.9
EBITDA $ 165.8 $ 159.0 $ 525.8
Special items, before tax 7.7 2.4 57.1
Depreciation and amortization included in special items (2.1) (0.5) (1.7)
Adjusted EBITDA $ 171.4 $ 160.9 $ 581.2
4
Masseto IR Presentation - Final.pdf
Avient Corporation �specialty Portfolio Transformation Continues with Dyneema Acquisition
DISCLAIMER
Slide Number 3
Slide Number 4
Slide Number 5
Q1 2022 SALES AND OPERATING INCOME�(Total Company)
Slide Number 7
Slide Number 8
Slide Number 9
Slide Number 10
FIT with Four Pillar Strategy
Dyneema® overview
Slide Number 13
Slide Number 14
Dyneema® in the Value Chain
Demand trends
Products
Avient’s Existing Composites Portfolio
Avient’s Composites Portfolio�Sales and Ebitda
Distribution Divestiture Considerations
Distribution highlights
Dyneema® Transaction Overview
Capital structure / Leverage
Two-Year Leverage Goal
Pro forma modeling
Our Specialty Journey
Acquisition History
Clariant Color Acquisition
Specialty Transformation
2022 ebitda margins vs. peers
Culture and People
Our Specialty Journey continues
Slide Number 33
Avient Acquisition of Dyneema and Q1 2022 Results.pdf
Masseto IR Presentation - 4.19 (515pm) - with attachments.pdf
https://www.avient.com/sites/default/files/2021-08/avient-cdp-climate-change-questionnaire-2021.pdf
As one of the world’s leading specialty polymer materials, services and solution companies,
Avient contributes to value creation with innovative and sustainable solutions for customers
from many industries.
Type of engagement
Collaboration & innovation
Details of engagement
Run a campaign to encourage innovation to reduce climate change impacts
% of customers by number
100
% of customer - related Scope 3 emissions as reported in C6.5
0
Please explain the rationale for selecting this group of customers and scope
of engagement
We enable our customers’ sustainability goals through material science.
ISIN country code (2
letters)
ISIN numeric identifier and single check digit (10 numbers
overall)
Row
1
US 05368V1061
SC1.1
(SC1.1) Allocate your emissions to your customers listed below according to the
goods or services you have sold them in this reporting period.
https://www.avient.com/sites/default/files/2022-12/Cesa Fiber Additives Light Stabilizers Product Bulletin.pdf
APPLICATIONS
Avient’s light stabilizers are suitable for PP, PET
and PA fibers used in a wide range of applications
including carpeting, upholstery, automotive textiles,
artificial turf, awnings, marquees, blinds, sunshades,
covers, tents, sun loungers and garden furniture.
https://www.avient.com/sites/default/files/2021-09/olefins-brochure.pdf
CREATING A MORE
SUSTAINABLE
PACKAGE
There are a number of ways to create packaging
that is considered more sustainable.
These may
include:
• Achieve a percentage of all packaging that is
reusable, recyclable or compostable
• Increase the use of post-consumer recycled
(PCR) content, up to 100%
• Use lightweighting or other solutions that will
help reduce your carbon footprint
• Replace petroleum-based materials with
renewable materials such as bio-plastics
Whatever your goals, we can help you achieve them
with customized solutions based on a number of
factors.
It is to enable our customers’ innovation
and sustainability goals through world class products and
services and excellence in the four cornerstones of:
WE HELP OUR CUSTOMERS
MAKE PRODUCTS THAT
ARE MORE SUSTAINABLE IN
8 DIFFERENT WAYS:
• Lightweighting
• Reduced Energy Use
• Volatile Organic Compound Reduction
• Recycle Solutions
• Bio-polymers
• Eco-conscious
• Sustainable Infrastructure
• Human Health & Safety
For more information on how
we can help, visit avient.com
1.844.4AVIENT
www.avient.com
Copyright © 2021, Avient Corporation.