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)
(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 $M)
T WO - Y E A R L E V E R AG E G OA L
24
3.5x
2.7x
1.7x
2.9x
2.5x
2.2x
2019PF 2020PF 2022E 2022PF 2023E 2024E
Dyneema® AcquisitionClariant Color Acquisition
(1) Pro forma for the acquisition of the Clariant Color business
(2) Pro forma for the acquisition of Dyneema® and potential divestiture of
Distribution, including repayment of senior notes due 2023 and Term Loan
(1) (1) (2)
25
P RO F O R M A M O D E L I N G
2022E Pro Forma Pro Forma
($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
AC Q U I S I T I O N H I S TO RY
27
Commercial
Resources(1)
Operating Income
($ in millions)
Operating Margins
259
360
At Acquisition 2021
$40
$122
At Acquisition 2021
9%
21%
At Acquisition 2021
Established Acquisitions
(> 7 years)
+ 39% + 210% + 1200 bps
(1) Commercial Resources include associate headcount in R&D / Technical, Marketing and Sales
C L A R I A N T C O LO R AC Q U I S I T I O N
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.
As
presented in previous slides, this presents potential benefits with
respect to leverage and EBITDA margins
Reconciliation of Non-GAAP Financial Measures
(Unaudited)
(Dollars in millions, except for per share data)
Senior management uses comparisons of adjusted net income from continuing operations attributable to Avient shareholders
and diluted adjusted earnings per share (EPS) from continuing operations attributable to Avient shareholders, excluding special
items, to assess performance and facilitate comparability of results.
https://www.avient.com/sites/default/files/2024-08/Avient Thermoplastic Composite Tapes Product Overview.pdf
Our technical and
application development teams will work with you
to provide material selection support and product
customization to achieve your performance needs.
https://www.avient.com/sites/default/files/2020-10/trilliant-xr-product-bulletin.pdf
PRODUCT BULLETIN
PROPERTY TEST METHOD TYPICAL VALUE (ENGLISH)
TYPICAL VALUE
(SI)
Specific Gravity ASTM D-792 11.0 11.0
Tensile Modulus1 ASTM D-638 1.20E+6 psi 8270 MPa
Tensile Strength1 (Yield) ASTM D-638 3,950 psi 27.2 MPa
Flexural Modulus ASTM D-790 800,000 psi 5520 MPa
Flexural Strength ASTM D-790 7,000 psi 48.3 MPa
Notched Izod Impact2 ASTM D-256A 2.1 ft•lb/in 110 J/m
Deflection Temperature Under Load
66 psi (0.45 MPa), Unannealed,
0.250 in (6.35mm)
ASTM D-648 280°F 138°C
Deflection Temperature Under Load
264 psi (1.8 MPa), Unannealed,
0.250 in (6.35mm)
ASTM D-648 190°F 87.8°C
TECHNICAL PROPERTIES
1 Type I, 0.20 in/min (5.1 mm/min)
2 73°F (23°C), 0.125 in (3.18 mm), Injection molded
www.avient.com
Copyright © 2020, Avient Corporation.
https://www.avient.com/sites/default/files/2020-10/wire-cable-1-pager.pdf
With on-time delivery as a standard and additional technical assistance when needed, Avient experts can provide
support in selecting the best material for your application.
https://www.avient.com/sites/default/files/2020-10/colormatrix-reprize-for-rpet-brochure.pdf
These conditions
can be defined and agreed at a trial stage
and under the consultation of a ColorMatrix
Technical Service Engineer.
https://www.avient.com/sites/default/files/2022-02/ColorMatrix Triple A Brochure.pdf
COLORMATRIX
TRIPLE A™
Additive technology which
reduces acetaldehyde
levels in PET packaging
TECHNICAL DESCRIPTION
Acetaldehyde (AA) forms as a result
of thermal degradation during PET
melt-processing and can increase
as temperature, pressure and shear
in processing rises.
https://www.avient.com/sites/default/files/2023-04/ColorMatrix UV Brochure.pdf
ColorMatrix™ Ultimate™ UV390 ColorMatrix™ Ultimate™ UV390R
UV Protection Up to 390 nm Up to 390 nm
User Convertor Convertor
Color Colorless Colorless
Recycling Accreditation
EPBP
APR
EPBP*
APR*
Lightweighting ✘ ✔
Productivity Saving ✘ ✔
* Individual components are EPBP approved
Product Type CC Code EU FDA Mercosur China
ColorMatrix™
Ultimate™ UV 390
CC01055275 • • • •
ColorMatrixw
Ultimate™ UV 390R
CC10348919 • • • –
Food contact uses are subject to regulatory limitations and use conditions
COLORMATRIX™ ULTIMATE™ UV TECHNICAL AND REGULATORY INFORMATION
https://www.avient.com/sites/default/files/2020-08/colormatrix-optica-toner-dispersions-tech-bulletin-a4.pdf
TECHNICAL BULLETIN
ColorMatrix recommends the dispersions
(irrespective of concentration level) remain at
ambient temperature throughout the preparation
and feeding process.
https://www.avient.com/sites/default/files/2022-02/Avient Design Overview Brochure.pdf
HOW4D DESIGN PROCESSU S E O U R 4 D P R O C E S S T O A C C E L E R AT E N E W P R O D U C T D E V E L O P M E N T
SPECIALTY
PORTFOLIO
We combine design services with Avient’s
materials portfolio to bring an unbiased,
expert point of view to your design1
Color & Additives
Engineered Materials
Composites
Soft Touch
Distribution
Rely on our technical expertise to validate
that designs are manufacturable and materials
will perform as intended once formed
MANUFACTURING4 FEA/Moldflow/Mechanical SimulationDesign OptimizationDesign for Manufacturing
Processing Expertise
Supply Chain Development
Visualize color, material and finish options
using our exclusive tools and expertise3 COLOR, MATERIAL & FINISH (CMF)DESIGN Color & EffectsTexture/FinishApplication Development
Material Specification
2 INDUSTRIALDESIGN From ergonomics and concept sketches to 3D models and photo rendering, you can count on our world-class studio to help you innovate
Ethnography
Brand Language Development
Ergonomics & Usability
Concept Sketching
3D Modeling
3D Prototypes
Photo Renderings
WANT TO LEARN MORE?
https://www.avient.com/sites/default/files/resources/Investor%2520Day%2520-%2520May%25202012%2520-%2520Financial%2520Review.pdf
Page 93
2011 Highlights
• Versus 2010, revenue growth of 9% drives 23% increase
in adjusted operating income
• Adjusted EPS expands 29% to all-time high of $1.02
Net Sales Adjusted Operating
$1.02
Adjusted EPS
$2,622 $2,643
$2,739
$2,061
$2,622
$2,864
Net Sales
$88 $87
$72
$59
$147
$181
Adjusted Operating
Income
$0.12
$0.27
$0.21
$0.13
$0.79
$1.02
($ millions) ($ millions)
Page 94
2011 Highlights
• Each platform contributed to our year over year
operating income growth
• Record OI achieved in Specialty and POD
• Ten quarters of double-digit adjusted EPS expansion
POD PP&SSpecialty Platform
ROS%* 0.6% 1.5% 3.2% 4.3% 5.3% 8.4% 8.0% 2.9% 2.6% 3.0% 3.5% 4.0% 4.6% 5.6% 6.7% 5.5% 6.1% 3.1% 5.0% 7.0% 7.2%
$20 $19
$22
$28
$25
$42
$56
O
p
e
ra
ti
n
g
I
n
c
o
m
e
POD
$76
$64 $66
$31 $33
$54
$62
O
p
e
ra
ti
n
g
In
c
o
m
e
PP&S
$5
$13
$31
$46 $46
$87 $89
O
p
e
ra
ti
n
g
I
n
c
o
m
e
Specialty Platform
*ROS% is defined as adjusted operating income % of revenue
($ millions)
Page 95
2011 Highlights
• Continued portfolio repositioning
� Sale of SunBelt equity investment
� Acquisition of specialty companies ColorMatrix and Uniplen
• World-class working capital of 9.6% maintained while
improving on-time delivery to 94%improving on-time delivery to 94%
81%
87%
88%
95%
93% 92%
94%
2005 2006 2007 2008 2009 2010 2011
14.3%
16.2%
14.4%
18.9%
11.7%
9.6% 9.6%
2005 2006 2007 2008 2009 2010 2011
On-Time Delivery Working Capital % of Sales
Page 96
First Quarter 2012 Highlights
• Revenues increased 9%
over Q1 2011 to a new
quarterly record
• Adjusted EPS increased 12%
$0.26
$0.29
Q1 2011 Q1 2012
Adjusted EPS
• Adjusted EPS increased 12%
over prior year
• All platforms delivered
double-digit operating
income growth
Q1 2011 Q1 2012
$25.2
$14.7
$29.1
$17.8
$16.7
Specialty PP&S POD
Q1 2011 Q1 2012
Adjusted Operating Income
$14.3
($ millions)
Page 97
• Total Debt at 3/31/12
Less: Cash
Net Debt
• Available Liquidity
$706
186
$520
$300
$360
$250
$300
$350
$400
$450 Debt Maturities
As of March 31, 2012
($ millions)
Debt Maturities & Liquidity Summary – 3/31/12
• Available Liquidity
Cash
ABL Availability
Total Liquidity
• Net Debt / EBITDA* = 1.9x
$186
156
$342
*Adjusted EBITDA TTM Pro forma for ColorMatrix
$50
$300
$0
$50
$100
$150
$200
$250
2015 2017 2020
Page 98
• Repurchased 6
million shares in
2011
Share Share
RepurchaseRepurchase
• Introduced a
quarterly dividend
in Q1 2011 and
increased in Q1
DividendsDividends
• Expanding our
sales, marketing,
and technical
capabilities is top
Organic Organic
GrowthGrowth
• Targets that expand our:
• Specialty offering
• End market presence
AcquisitionsAcquisitions
Use of Cash
Current Cash Balance = $186M
Net Debt / EBITDA* = 1.9X
• 7.9 million shares
remain available
for repurchase
under the current
authorization
increased in Q1
2012
• Objective of
maintaining and
growing
capabilities is top
priority
• Investing in
operational and
LSS initiatives
• CAPEX
• End market presence
• Geographic footprint
• Synergy opportunities
• Adjacent material solutions
*Adjusted EBITDA TTM Pro forma for ColorMatrix
Page 99
Page 100