PolyOne Corporation, a global provider of specialised polymer materials, services and sustainable solutions, has completed acquisition process for the colour masterbatch businesses of Clariant and Clariant Chemicals India Ltd. PolyOne has also changed its name which will now be called Avient. The announcement on purchase was first made in December 2019.

"We proudly welcome our newest associates and valued customers from Clariant Masterbatch. They are joining us on Day 1 of this new era for our company, which as of today will be named Avient," said Robert M Patterson, chairman, president and chief executive officer, Avient.

Patterson continued, "Under this new brand, we bring two global leaders together to create a specialty company focused on sustainable solutions for our customers, being a Great Place to Work for our associates, and creating value for all stakeholders."

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 centres in 29 countries and approximately 3,500 employees, who will join Avient's colour, additives and inks segment.

The combined net purchase price is $1.44 billion, representing a 10.8x multiple of 2019 adjusted EBITDA, or 7.5x including anticipated synergies.

"With this acquisition, Avient now expects over 85 per cent of adjusted EBITDA to be generated from specialty applications," said Patterson. "This is up from less than 10 per cent when our specialty journey began over a decade ago. While we honour the legacies of our past organisations, under our new name Avient, we come together and look to the future as a world-class sustainable organisation."

The key priorities for the new organisation include keeping safety first, being a great place to work, advancing inclusion and diversity, leading in sustainability, investing in innovation, and operating globally, serving locally.

Patterson concluded, "These endeavours are made possible by the joining of our businesses. We are better together."

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.

Fibre2Fashion News Desk (SV)

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