https://www.avient.com/sites/default/files/resources/POL%2520IR%2520Presentation%2520-%2520Goldman%2520Sachs%2520Conference%2520w%2520nonGAAP.pdf
In addition, operating income before special items and
adjusted EPS are components of various PolyOne annual and long-term employee
incentive plans
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
• 20 consecutive
quarters of double-
digit adjusted EPS
growth
• Shift to faster
growing, high
margin, less cyclical
end markets
• Key acquisitions
propel current and
future growth, as
well as margin
expansion
• Established
aggressive 2015
targets
• Continue specialty
transformation
• Goal of $2.50
adjusted EPS by
2015, three times
the EPS generated
in 2011 of $0.82
• Drive double digit
operating income
and adjusted EPS
growth
PolyOne Corporation Page 5
Building &
Construction
13%
Industrial
12%
Transportation
18%
Wire & Cable
9%
Packaging
16%
Consumer
10%
HealthCare
11% Appliance
Electronics &
Electrical
5%
2013 Revenues: $3.8 Billion
End Markets
2013 Revenues: $3.8 Billion
PolyOne
At A Glance
United
States
67%
Europe
14%
Canada
7% Asia
Latin
America
Specialty
54%
PP&S
18%
Distribution
28%
$13
$31
$46 $46
$92 $96
$122
$195
$0
$50
$100
$150
$200
2006 2007 2008 2009 2010 2011 2012 2013
Specialty Operating Income
PolyOne Corporation Page 6
Old
PolyOne
*Operating Income excludes corporate charges and special items
2%
34% 43%
62%
65%
0%
20%
40%
60%
80%
100%
2005 2008 2010 2013 2014 YTD 2015
%
o
f O
pe
ra
tin
g
In
co
m
e*
JV's Performance Products & Solutions Distribution Specialty
65-75%
Specialty OI $5M $46M $87M $195M $191M Target
Mix Shift Highlights Specialty Transformation
Transformation 2015
Target
PolyOne Corporation Page 7
Confirmation of Our Strategy
The World’s Premier Provider of Specialized
Polymer Materials, Services and Solutions
Specialization Globalization
Operational
Excellence
Commercial
Excellence
PolyOne Corporation Page 8
Strategy and Execution Drive Results
$0.12
$0.27
$0.21
$0.13
$0.68
$0.82
$1.00
$1.31
'06 '07 '08 '09 '10 '11 '12 '13
‘06-‘13 EPS CAGR = 41%
EPS Share Price vs.
Adjusted EPS 2006Y* 2007Y* 2008Y* 2009Y* 2010Y 2011Y 2012Y 2013Y
YTD
Net income attributable to
PolyOne common
shareholders $ 130.9 $ 40.9 $ (417.0) $ 106.7 $ 152.5 $ 153.4 $ 53.3 $ 94.0 $ 92.6
Joint venture equity
earnings, after tax (68.5) (26.1) (20.8) (19.0) (14.7) (3.7) - - -
Special items, after tax (21.2) 41.4 310.0 (31.0) 15.8 (30.5) 35.7 30.4 49.9
Tax adjustments (30.0) (30.7) 147.2 (44.9) (88.3) (42.3) 0.5 2.2 (6.9)
Adjusted net income $ 11.2 $ 25.5 $ 19.4 $ 11.8 $ 65.3 $ 76.9 $ 89.5 $ 126.6 $ 135.6
Diluted shares 92.8 93.1 92.7 93.4 96.0 94.3 89.8 96.5 94.3
Adjusted EPS $ 0.12 $ 0.27 $ 0.21 $ 0.13 $ 0.68 $ 0.82 $ 1.00 $ 1.31 $ 1.44
* Historical results are shown as presented in prior filings and have not been updated to reflect subsequent changes in accounting principal or discontinued operations.
https://www.avient.com/sites/default/files/resources/POL%2520IR%2520Presentation%2520-%2520Credit%2520Suisse%2520Conference%2520w%2520non-GAAP%252009%252018%25202014.pdf
In addition, operating income before special items and
adjusted EPS are components of various PolyOne annual and long-term employee
incentive plans
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
• 19 consecutive
quarters of double-
digit adjusted EPS
growth
• Shift to faster
growing, high
margin, less cyclical
end markets
• Key acquisitions
propel current and
future growth, as
well as margin
expansion
• Established
aggressive 2015
targets
• Continue specialty
transformation
• Goal of $2.50
Adjusted EPS by
2015, nearly double
2013 EPS
• Drive double digit
operating income
and adjusted EPS
growth
PolyOne Corporation Page 5
Building &
Construction
13%
Industrial
12%
Transportation
18%
Wire & Cable
9%
Packaging
16%
Consumer
10%
HealthCare
11% Appliance
Electronics &
Electrical
5%
2013 Revenues: $3.8 Billion
End Markets
2013 Revenues: $3.8 Billion
PolyOne
At A Glance
United
States
67%
Europe
14%
Canada
7%
Asia
Latin
America
Specialty
54%
PP&S
18%
Distribution
28%
$13
$31
$46 $46
$92 $96
$122
$195
$0
$50
$100
$150
$200
2006 2007 2008 2009 2010 2011 2012 2013
Specialty Operating Income
PolyOne Corporation Page 6
Old
PolyOne Transformation
*Operating Income excludes corporate charges and special items
2%
34%
43%
62%
66%
0%
20%
40%
60%
80%
100%
2005 2008 2010 2013 2014 YTD 2015
%
o
f
O
p
e
ra
ti
n
g
I
n
c
o
m
e
*
JV's Performance Products & Solutions Distribution Specialty
65-75%
Specialty OI $5M $46M $87M $195M $129M Target
Mix Shift Highlights Specialty Transformation
2015
Target
PolyOne Corporation Page 7
Confirmation of Our Strategy
The World’s Premier Provider of Specialized
Polymer Materials, Services and Solutions
Specialization Globalization
Operational
Excellence
Commercial
Excellence
PolyOne Corporation Page 8
Strategy and Execution Drive Results
$0.12
$0.27
$0.21
$0.13
$0.68
$0.82
$1.00
$1.31
'06 '07 '08 '09 '10 '11 '12 '13
‘06-‘13 EPS CAGR = 41%
EPS Share Price vs.
Adjusted EPS 2006Y* 2007Y* 2008Y* 2009Y* 2010Y 2011Y 2012Y 2013Y 2014 Q2
Net income attributable to
PolyOne common
shareholders $ 130.9 $ 40.9 $ (417.0) $ 106.7 $ 152.5 $ 153.4 $ 53.3 $ 94.0 $ 60.3
Joint venture equity
earnings, after tax (68.5) (26.1) (20.8) (19.0) (14.7) (3.7) - - -
Special items, after tax (21.2) 41.4 310.0 (31.0) 15.8 (30.5) 35.7 30.4 36.7
Tax adjustments (30.0) (30.7) 147.2 (44.9) (88.3) (42.3) 0.5 2.2 (6.8)
Adjusted net income $ 11.2 $ 25.5 $ 19.4 $ 11.8 $ 65.3 $ 76.9 $ 89.5 $ 126.6 $ 90.2
Diluted shares 92.8 93.1 92.7 93.4 96.0 94.3 89.8 96.5 94.9
Adjusted EPS $ 0.12 $ 0.27 $ 0.21 $ 0.13 $ 0.68 $ 0.82 $ 1.00 $ 1.31 $ 0.95
* Historical results are shown as presented in prior filings and have not been updated to reflect subsequent changes in accounting principal or discontinued operations.
https://www.avient.com/sites/default/files/resources/POL%2520IR%2520Presentation%2520-%2520RW%2520Baird%2520Conference%2520w%2520non-GAAP.pdf
In addition, operating income before special items and
adjusted EPS are components of various PolyOne annual and long-term employee
incentive plans
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
• 20 consecutive
quarters of double-
digit adjusted EPS
growth
• Shift to faster
growing, high
margin, less cyclical
end markets
• Key acquisitions
propel current and
future growth, as
well as margin
expansion
• Established
aggressive 2015
targets
• Continue specialty
transformation
• Goal of $2.50
adjusted EPS by
2015, three times
the EPS generated
in 2011 of $0.82
• Drive double digit
operating income
and adjusted EPS
growth
PolyOne Corporation Page 5
Building &
Construction
13%
Industrial
12%
Transportation
18%
Wire & Cable
9%
Packaging
16%
Consumer
10%
HealthCare
11% Appliance
Electronics &
Electrical
5%
2013 Revenues: $3.8 Billion
End Markets
2013 Revenues: $3.8 Billion
PolyOne
At A Glance
United
States
67%
Europe
14%
Canada
7%
Asia
Latin
America
Specialty
54%
PP&S
18%
Distribution
28%
$13
$31
$46 $46
$92 $96
$122
$195
$0
$50
$100
$150
$200
2006 2007 2008 2009 2010 2011 2012 2013
Specialty Operating Income
PolyOne Corporation Page 6
Old
PolyOne
*Operating Income excludes corporate charges and special items
2%
34%
43%
62%
65%
0%
20%
40%
60%
80%
100%
2005 2008 2010 2013 2014 YTD 2015
%
o
f
O
p
e
ra
ti
n
g
I
n
c
o
m
e
*
JV's Performance Products & Solutions Distribution Specialty
65-75%
Specialty OI $5M $46M $87M $195M $191M Target
Mix Shift Highlights Specialty Transformation
Transformation
2015
Target
PolyOne Corporation Page 7
Confirmation of Our Strategy
The World’s Premier Provider of Specialized
Polymer Materials, Services and Solutions
Specialization Globalization
Operational
Excellence
Commercial
Excellence
PolyOne Corporation Page 8
Strategy and Execution Drive Results
$0.12
$0.27
$0.21
$0.13
$0.68
$0.82
$1.00
$1.31
'06 '07 '08 '09 '10 '11 '12 '13
‘06-‘13 EPS CAGR = 41%
EPS Share Price vs.
Adjusted EPS 2006Y* 2007Y* 2008Y* 2009Y* 2010Y 2011Y 2012Y 2013Y
YTD
Net income attributable to
PolyOne common
shareholders $ 130.9 $ 40.9 $ (417.0) $ 106.7 $ 152.5 $ 153.4 $ 53.3 $ 94.0 $ 92.6
Joint venture equity
earnings, after tax (68.5) (26.1) (20.8) (19.0) (14.7) (3.7) - - -
Special items, after tax (21.2) 41.4 310.0 (31.0) 15.8 (30.5) 35.7 30.4 49.9
Tax adjustments (30.0) (30.7) 147.2 (44.9) (88.3) (42.3) 0.5 2.2 (6.9)
Adjusted net income $ 11.2 $ 25.5 $ 19.4 $ 11.8 $ 65.3 $ 76.9 $ 89.5 $ 126.6 $ 135.6
Diluted shares 92.8 93.1 92.7 93.4 96.0 94.3 89.8 96.5 94.3
Adjusted EPS $ 0.12 $ 0.27 $ 0.21 $ 0.13 $ 0.68 $ 0.82 $ 1.00 $ 1.31 $ 1.44
* Historical results are shown as presented in prior filings and have not been updated to reflect subsequent changes in accounting principal or discontinued operations.
https://www.avient.com/sites/default/files/resources/POL%2520IR%2520Presentation%2520-%2520KeyBanc%2520Conference%2520w%2520nonGAAP.pdf
In addition, operating income before special items and
adjusted EPS are components of various PolyOne annual and long-term employee
incentive plans
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
• 19 consecutive
quarters of double-
digit adjusted EPS
growth
• Shift to faster
growing, high
margin, less cyclical
end markets
• Key acquisitions
propel current and
future growth, as
well as margin
expansion
• Established
aggressive 2015
targets
• Continue specialty
transformation
• Goal of $2.50
Adjusted EPS by
2015, nearly double
2013 EPS
• Drive double digit
operating income
and adjusted EPS
growth
PolyOne Corporation Page 5
Building &
Construction
13%
Industrial
12%
Transportation
18%
Wire & Cable
9%
Packaging
16%
Consumer
10%
HealthCare
11% Appliance
Electronics &
Electrical
5%
2013 Revenues: $3.8 Billion
End Markets
2013 Revenues: $3.8 Billion
PolyOne
At A Glance
United
States
67%
Europe
14%
Canada
7%
Asia
Latin
America
Specialty
54%
PP&S
18%
Distribution
28%
$13
$31
$46 $46
$92 $96
$122
$195
$0
$50
$100
$150
$200
2006 2007 2008 2009 2010 2011 2012 2013
Specialty Operating Income
PolyOne Corporation Page 6
Old
PolyOne Transformation
*Operating Income excludes corporate charges and special items
2%
34%
43%
62%
66%
0%
20%
40%
60%
80%
100%
2005 2008 2010 2013 2014 YTD 2015
%
o
f
O
p
e
ra
ti
n
g
I
n
c
o
m
e
*
JV's Performance Products & Solutions Distribution Specialty
65-75%
Specialty OI $5M $46M $87M $195M $129M Target
Mix Shift Highlights Specialty Transformation
2015
Target
PolyOne Corporation Page 7
Confirmation of Our Strategy
The World’s Premier Provider of Specialized
Polymer Materials, Services and Solutions
Specialization Globalization
Operational
Excellence
Commercial
Excellence
PolyOne Corporation Page 8
Strategy and Execution Drive Results
$0.12
$0.27
$0.21
$0.13
$0.68
$0.82
$1.00
$1.31
'06 '07 '08 '09 '10 '11 '12 '13
‘06-‘13 EPS CAGR = 41%
EPS Share Price vs.
Adjusted EPS 2006Y* 2007Y* 2008Y* 2009Y* 2010Y 2011Y 2012Y 2013Y 2014 Q2
Net income attributable to
PolyOne common
shareholders $ 130.9 $ 40.9 $ (417.0) $ 106.7 $ 152.5 $ 153.4 $ 53.3 $ 94.0 $ 60.3
Joint venture equity
earnings, after tax (68.5) (26.1) (20.8) (19.0) (14.7) (3.7) - - -
Special items, after tax (21.2) 41.4 310.0 (31.0) 15.8 (30.5) 35.7 30.4 36.7
Tax adjustments (30.0) (30.7) 147.2 (44.9) (88.3) (42.3) 0.5 2.2 (6.8)
Adjusted net income $ 11.2 $ 25.5 $ 19.4 $ 11.8 $ 65.3 $ 76.9 $ 89.5 $ 126.6 $ 90.2
Diluted shares 92.8 93.1 92.7 93.4 96.0 94.3 89.8 96.5 94.9
Adjusted EPS $ 0.12 $ 0.27 $ 0.21 $ 0.13 $ 0.68 $ 0.82 $ 1.00 $ 1.31 $ 0.95
* Historical results are shown as presented in prior filings and have not been updated to reflect subsequent changes in accounting principal or discontinued operations.
https://www.avient.com/sites/default/files/2021-04/certificate-of-incorporation-on-change-of-name-avient-colorants-ireland-limited-14-april-2021.pdf
G1QCertificate
Number: 82756
Certificate of Incorporation on Change Of Name
For Registrar of Companies
I hereby certify that
CLARIANT PLASTICS & COATINGS (IRELAND) LIMITED
having, by a Special Resolution of the Company,
and with the approval of the Registrar of Companies,
changed its name, is now incorporated as a
LTD - Private Company Limited by Shares
under the name
AVIENT COLORANTS IRELAND LIMITED
and I have entered such name on the Register accordingly.
https://www.avient.com/sites/default/files/2021-05/frost-for-persaonal-care-pet-bottle.pdf
AVIENT SOLUTION
PAINT REPLACEMENT
1Avient Corporation
LEARN MORE
• Offer soft, gentle appearance and better touch feeling
• Customized color and anti-UV combination to enhance
aesthetics and functional properties
• Ease of processing
https://www.avient.com/products/polymer-colorants/solid-color-masterbatches/oncolor-fx-special-effect
https://www.avient.com/sites/default/files/2020-03/PolyOne_Website-12.19.pdf
In addition, adjusted operating income and adjusted EPS, which exclude the
impact of special items, are components of various PolyOne annual and long-term employee incentive plans.
Richardson
Executive Vice President and
Chief Financial Officer
PolyOne Corporation 4
PolyOne Corporation 5
Landmark portfolio transformation: > 85% of Adjusted EBITDA
from specialty solutions
World-class innovation, technology and service are differentiators
Sustainability initiatives and alignment with megatrends drive
above market growth in key end markets and applications:
Capital management is a strength - proven track record of
expanding ROIC while increasing invested capital
Transaction expected to add $0.85 to pro forma adjusted EPS
T H E N E W P O L Y O N E : A S P E C I A L T Y G R O W T H C O M P A N Y
Integrity
V I S I O N
PolyOne Corporation 6
To be the world’s
premier provider of
specialized polymer
materials, services and
solutions
C O R E
V A L U E S
P E R S O N A L
V A L U E S
Honesty Respect
Operational
Commercial
Specialization
Globalization
Collaboration ExcellenceInnovation
To be the world’s
premier provider of
sustainable, specialty
polymer materials and
solutions.
S A F E T Y F I R S T
PolyOne Corporation 7
Injuries per 100 Workers
Spartech
Acquisition
1.3
1.1 1.1
0.85
0.65
0.57
0.54
0.97
0.84
0.74 0.74
0.69
0.51
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
G R E A T P L A C E T O W O R K
PolyOne Corporation 8
* Pro Forma for sale of DSS
Operating Income
% of Sales
2006 Q3 YTD
2019
Color, Additives &
Inks
1.7% 15.5%
Specialty Engineered
Materials
1.1% 11.8%
Distribution 2.6% 6.3%
2009 2010 2011 2012 2013 2014 2015 2016*2017* 2018
$2.43
P R O O F O F P E R F O R M A N C E
C O N S E C U T I V E
Y E A R S
PolyOne Corporation 9
10
$0.13
$0.68
$0.82
$1.00
$1.31
$1.80
$1.96
$2.06
$2.21
A D J U S T E D E P S E X P A N S I O N
2018 2019E
$1.65
$1.51
Pro Forma for sale
of PP&S
T R A N S F O R M A T I O N H E A D L I N E S
PolyOne Corporation 10
C O M M O D I T Y T O S P E C I A L T Y T R A N S F O R M A T I O N
PolyOne Corporation 11
• Volume driven,
commodity
production
• Heavily tied to cyclical
end markets
• Performance largely
dependent on non-
controlling joint
ventures
• Shift to value-based
selling & an innovative
culture
• New leadership team
appointed
• Implementation of
four pillar strategy
• Investment in
commercial training
and innovation
• Faster growing, high
margin focus
• Accelerated growth
with world class
vitality index
• Significant
commercial resource
additions
• Expanded margins
with specialty focus
• Acquired strategic,
bolt-on companies to
expand technology
offerings and improve
geographic breadth
Volume Value Transformation The Future
2006 - 2013 2013 – 20192000-2005 2006 - 2013
• Landmark portfolio
transformation
creates specialty
growth company
• Sustainability / mega-
trends drive above
market growth
2020 and
Beyond
F I T W I T H F O U R P I L L A R S T R A T E G Y
PolyOne Corporation 12
Specialization
• Innovation-led organization with
heavy emphasis on R&D
• World-class expertise in color
formulation
• Strong presence in specialty end
markets including Consumer,
Packaging and Healthcare
Globalization
• Diverse geographic portfolio with
an established presence in every
major region
• Expands PolyOne’s ability to serve
customers in key growth areas
including India, China and
Southeast Asia
Operational
• Extensive manufacturing footprint
with 46 facilities
• Organizational focus on optimizing
supply chain to better serve
customers
• Color design expertise
Commercial
• Value-focused salesforce with vast
experience marketing and
commercializing specialty
technologies
• Diverse customer portfolio with
established OEM’s
People
Experienced and
talented
associates with a
winning mentality
L E V E R A G I N G G L O B A L M E G A T R E N D S
13
Facilitate
alternative
energy
solutions
Light-
weighting
Reduce
packaging
materials
Improve
recyclability
Reduce
spread of
infection
T R A N S P O R T A T I O N P A C K A G I N G H E A L T H C A R EC O N S U M E R
PolyOne Corporation
E N D M A R K E T T R A N S F O R M A T I O N
PolyOne Corporation 14
Building & Construction
18%
8%
50%
22%
High Growth End Markets
Percentage of Total Revenue
38%
E N D M A R K E T T R A N S F O R M A T I O N
PolyOne Corporation 15
8%
Building &
Construction
38%
Wire &
Cable
11%
Industrial
Electrical &
Electronic
7%
Transportation
18%
Building &
Construction
Wire &
Cable
Industrial
Electrical &
Electronic
Appliance
3%
Textiles
Transportation
13%
C O M P L E M E N T A R Y G E O G R A P H I C P R E S E N C E
PolyOne Corporation 16
38% Europe
33%
Asia
19%
22%
Europe
Asia & Middle East
31%
1%
Color & Engineered
Materials
Clariant Color & Additive
Masterbatch Business
Net Sales by Geographic Region
31%
Europe
36%
Asia & Middle East
24%
3%
Pro Forma Color &
Engineered Materials
531
710
1,042
130
164
208
504
663
880
2014 2018 2019E PF*
R&D / Technical Marketing Sales
PolyOne Corporation 17
+ 34%
+ 26%
+ 32%
E X P A N S I O N O F COMMERCIAL RESOURCES D R I V I N G G R O W T H
$2.9 $2.9
$3.5
2015 2016 2017 2018 2019E
PF
Total
+ 9%
Organic
+ 5%
Revenue in Billions
Total
+ 10%
Organic
+ 7%+ 47%
+ 27%
+ 33%
$4.0
$3.2
2019E PF*
P R I O R A C Q U I S I T I O N S : P R O O F O F P E R F O R M A N C E
PolyOne Corporation 18
Commercial
Resources
Operating
Income
($ in millions)
Operating
Margins
243
340
$36
$96
11%
Established Acquisitions
(> 7 years)
+ 40% + 165% + 900 bps
U N I F I E D F O C U S O N S U S T A I N A B I L I T Y
PolyOne Corporation 19
2006 - 2013
2013 – 2019
PEOPLE
PRODUCTS PLANET
PERFORMANCE
Clariant Color & Additive
Masterbatch Business
• Building mini-recycling plants to
facilitate customer projects on
design for recycling - CycleWorks
• Uses packaging additives &
colorants to improve recyclability
and enhance automated sorting
• Manufactures oxygen scavengers
to extend shelf-life of perishable
items and reduce material
requirements
• Combines UV-blocking additive
colorants & other barriers to
prevent spoilage and waste
• Offers spin-dyeing solutions that
use significantly less water than
traditional methods, allowing for
sustainable coloration of textiles
• Produces infrared absorbing
additives that reduce energy
requirements for bottle
manufacturing
($ in millions)
(Continuing
Operations)
Clariant Color &
Additive Masterbatch
Business
Synergies
New
2019E Total Sales $2,860 $1,150 $4,010
2019E Adjusted EBITDA $310 $130 $60 $500
% Margin 10.8% 11.3% 12.5%
2019E CapEx $60 $85
% Sales 2.1% 2.1%
2019E Free Cash Flow $170 $250
2019E Adjusted EPS $1.65 $2.22
2019E PF Adjusted EPS $1.65 $2.50
P O L Y O N E + C L A R I A N T C O L O R & A D D I T I V E
M A S T E R B A T C H B U S I N E S S
PolyOne Corporation 20
(1) Excludes step-up of depreciation & amortization related to purchase accounting of transaction
(1)
$0.85/share
O V E R 8 5 % O F A D J U S T E D E B I T D A F R O M S P E C I A L T Y
PolyOne Corporation 21
46%
66%
0%
60%
80%
100%
2005 2010 2015 2019E PF
%
o
f
A
d
ju
s
te
d
E
B
IT
D
A
*
JV's Performance Products & Solutions Distribution Specialty
7%
87%
* Adjusted EBITDA is EBITDA excluding corporate costs and special items
** 2019E Pro Forma for PP&S Divestiture and Clariant Color & Additive Masterbatch business acquisition with synergies
Specialty EBITDA $14M $117M $273M $500M
**
PolyOne Corporation 22
T R A N S A C T I O N O V E R V I E W
• Expected mid-2020, subject to regulatory approvals and customary closing conditions
Closing
Conditions /
Timing
• Committed financing in place
• Permanent financing to be combination of available cash on-hand, new debt and equity component to limit leverage
• Equity issuance of $400 to $500MM
• Target net leverage below 3.5x, 3.1x synergized, with intention to de-lever below 3.0x within 2 years
PolyOne Corporation 23
• $1.45 B net purchase price
• Represents 11.1x adjusted EBITDA (excluding synergies), 7.6x adjusted EBITDA (including synergies)
• Pre-tax synergies of $60MM expected to be fully realized by the end of 2023
• Synergies realized from sourcing, operational, technology / commercial, and general administrative
Transaction
Value
Synergies
Estimated Synergy Breakdown
$60MM
• Expect EBITDA synergies of $60MM
– Proven integration expertise with a decade of acquisition experience
– Administrative synergies reflect reduction of duplicative internal and
third-party costs
• Run rate synergies of $20MM by the end of Year 1 with $60MM
achieved by the end of Year 3
• Significant additional opportunity for geographical expansion
– Clariant Color & Additive Masterbatch business has complementary
regional presence in key growth areas including India & Southeast
Asia
• Opportunity to accelerate growth with a combined portfolio of
innovative solutions aligned with sustainability megatrends
Sourcing
Operational
30%
Administrative
30%
PolyOne Corporation 24
S I G N I F I C A N T S Y N E R G Y O P P O R T U N I T I E S
C A P I T A L S T R U C T U R E / L E V E R A G E
PolyOne Corporation 25
At Close Year 1 Year 2
3.2x
3.5x
3.1x
2.6x
Pro Forma with Synergies
2019E PF
Two year leverage goal
(1) Pro Forma Capitalization is for illustrative purposes only; amounts may vary depending on various market and other factors.
https://www.avient.com/industries/healthcare/catheter-materials-medical-tubing/medical-tubing
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https://www.avient.com/resource-center?document_type=221&document_subtype=0&industry=0&product_family=0&product_name=0&op=FILTER RESULTS&form_id=resource_filter_form&page=3
Cesa™ Nox A4R is a specialized antioxidant additive that stabilizes polyolefins during processing, preventing the typical defects like discoloration, gels, and black spots—during initial, and future conversion steps and recycling loops.
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https://www.avient.com/resource-center?document_subtype=0&document_type=221&form_id=resource_filter_form&industry=0&op=FILTER RESULTS&product_family=0&product_name=0&page=3
Cesa™ Nox A4R is a specialized antioxidant additive that stabilizes polyolefins during processing, preventing the typical defects like discoloration, gels, and black spots—during initial, and future conversion steps and recycling loops.
Disover our portfolio of color and additive solutions specially formulated with bio-polymers to increase the sustainability of healthcare products