https://www.avient.com/sites/default/files/2022-04/Avient Acquisition of Dyneema and Q1 2022 Results_0.pdf
Morgan
• New Senior Secured Term Loan B and new Senior
Unsecured Notes
• Potential proceeds from sale of Distribution business
modeled to pay off 5.25% senior notes due 2023 and
Term Loan
• Acquisition aligned with Avient’s track record of
disciplined capital allocation policy
• Existing dividend policy maintained, focus on
deleveraging in the near term
(1) Pro forma for the acquisition of Dyneema® and potential divestiture of Distribution,
including repayment of senior notes due 2023 and Term Loan
Cash and Cash Equivalents 595$
Senior Secured Term Loan due 2026 605$
New Senior Secured Term Loan B 500
Total Senior Secured Debt 1,105$
Senior Unsecured Notes due 2025 650$
New Senior Unsecured Notes 740
Total Senior Unsecured Debt 1,390$
Total Debt 2,495$
Net Debt 1,900$
2022 Pro forma Adjusted EBITDA 660$
Net Debt / Adjusted EBITDA 2.9x
Pro Forma Capitalization
(2022 estimates, all figures in $M)
TWO-YEAR LEVERAGE GOAL
24
3.5x
2.7x
1.7x
2.9x
2.5x
2.2x
2019PF 2020PF 2022E 2022PF 2023E 2024E
Dyneema® AcquisitionClariant Color Acquisition
(1) Pro forma for the acquisition of the Clariant Color business
(2) Pro forma for the acquisition of Dyneema® and potential divestiture of
Distribution, including repayment of senior notes due 2023 and Term Loan
(1) (1) (2)
25
PRO FORMA MODELING
2022E Pro Forma Pro Forma
($M) w/ Dyneema w/Sale
Revenue 5,100$ 415$ 5,515$ (1,775)$ 3,740$
Adjusted EBITDA 635 130 765 (105) 660
EBITDA % 12% 31% 14% 6% 18%
Pro Forma EPS (Adjusted) 3.50$ 0.00$ 3.50$ (0.56)$ 2.94$
Pro Forma EPS (excl. amortization) 3.96$ 0.35$ 4.31$ (0.56)$ 3.75$
Leverage (12/31/2022E)
Net Debt / Adjusted EBITDA 1.7x 3.5x 2.9x
Avient Dyneema Distribution®
®
OUR SPECIALTY JOURNEY
ACQUISITION HISTORY
27
Commercial
Resources(1)
Operating Margins
259
360
$40
$122
9%
21%
Established Acquisitions
(> 7 years)
+ 39% + 210% + 1200 bps
(1) Commercial Resources include associate headcount in R&D / Technical, Marketing and Sales
CLARIANT COLOR ACQUISITION
28
$133
$205
2019PF 2021
28
Clariant Color EBITDA Growth
Purchase Price Multiple
10.8x
7.0x
6.1x
2019PF 2021 2021 w/ Full
Synergies
• Acquisition of Clariant Color business significantly expanded
presence in healthcare, packaging and consumer end markets
• Strength of portfolio – double-digit annual EBITDA growth
since acquisition
• $54 million of synergies realized in 2021
• Acquisition completed on July 1, 2020 for $1.45 billion.
https://www.avient.com/sites/default/files/2024-02/AVNT Q4 2023 Earnings Press Release.pdf
Adjusted free cash flow for 2023 was $186 million, slightly ahead
of expectations.
2
2024 Outlook
“In the first quarter, we expect demand to continue to improve in our two largest end markets,
packaging and consumer, as destocking comes to an end and our sustainable solutions
portfolio expands.
https://www.avient.com/sites/default/files/2024-01/AVNT January IR Presentation_w Non-Gaap Recs.pdf
We partner with Brand Owners / OEMs, processors and
assemblers to enable their goals in applications like packaging,
healthcare, consumer goods, transportation, wire & cable,
building & construction and textiles.
https://www.avient.com/sites/default/files/2024-12/Terms and Conditions of Sale for Indonesia %28English translation%29.pdf
Buyer shall not use Seller’s name or trademarks in any
advertisements, product descriptions, packaging materials, websites,
or any other promotional materials, except with the prior written
consent of Seller.
18.
https://www.avient.com/sites/default/files/2025-05/Avient Announces First Quarter 2025 Results_0.pdf
While we anticipate weakness in
consumer and transportation end markets, we see opportunities for growth in our largest end
market, packaging, as well as strength in our high profit portfolios in defense and healthcare.
https://www.avient.com/sites/default/files/2024-10/Avient_CodeConduct_2024_VIT2.pdf
Bạn có nghĩa vụ bảo vệ thông tin bảo mật
và tài sản trí tuệ của Avient, bảo vệ quyền riêng
tư cá nhân và đảm bảo rằng việc sử dụng bất kỳ
công cụ nào, bao gồm cả công cụ trí tuệ nhân
tạo (artificial intelligence, AI), là phù hợp,
không thiên vị và phù hợp với các chính
sách của Avient và luật hiện hành.
https://www.avient.com/sites/default/files/2023-06/Omnicolor Brochure.pdf
MEDICAL, FOOD AND TOY
REGULATIONS
Omnicolor colorants have limited
EU food contact compliance, and
are not suitable for FDA primary
pharmaceutical packaging, cosmetic
or medical applications.
https://www.avient.com/sites/default/files/2024-03/2024 Proxy Statement_March.pdf
In connection with
the leadership transition, the Compensation Committee determined an appropriate compensation
package for Dr.
Khandpur's service, the Compensation Committee
determined an appropriate compensation package for Dr.
On December 1, 2023, as part of his onboarding compensation package,
we granted an award of 141,000 RSUs to Dr.
https://www.avient.com/sites/default/files/2024-03/Terms and Conditions of Sale for the United Arab Emirates.pdf
Buyer shall not use Seller’s name or trademarks in any
advertisements, product descriptions, packaging materials, websites, or
any other promotional materials, except with the prior written consent of
Seller.
https://www.avient.com/sites/default/files/2024-03/Terms and Conditions of Sale for Slovakia.pdf
Buyer shall not use Seller’s name or
trademarks in any advertisements, product descriptions,
packaging materials, websites, or any other promotional
materials, except with the prior written consent of Seller.
18.