https://www.avient.com/sites/default/files/2020-07/avient-abac-spanish-spain-200720.pdf
http://avient.ethicspoint.com
6
Referencia rápida: PUNTOS DEBE Y NO DEBE DE LA POLÍTICA ABAC
Debe...
• Saber que Avient prohíbe cualquier forma de soborno y corrupción y no permite pagos de facilitación
• Familiarizarse con los aspectos pertinentes de las Políticas ABAC y comunicárselos a los subordinados y terceros
• Plantear preguntas si no están claros la Política o los pasos que hay que dar
• Informar inmediatamente de infracciones o sospechas de infracción a su supervisor, el Departamento Jurídico o la
Línea Directa de Ética
• Saber que el “valor” no se mide necesariamente en términos monetarios
• Saber que los sobornos pueden incluir lo siguiente:
• Dinero en efectivo y equivalentes de efectivo (tarjetas obsequio o certificados de regalo)
• Obsequios, entretenimiento y atenciones cuando no exista una finalidad empresarial clara o vayan más allá de las
necesidades empresariales
• Pago de vacaciones o gastos de viaje
• Pagar a un funcionario gubernamental para que ignore un requisito aduanero pertinente o acelere una
devolución fiscal
• Servicios, favores y préstamos personales
• Ofertas de empleo u otros beneficios a familiares o amigos de la persona que tenga influencia
• Contribuciones a partidos políticos y candidatos
• Donaciones benéficas y patrocinios
• Otros artículos menos obvios incluyen contribuciones en especie, oportunidades de inversión y subcontratos
favorables o dirigidos
• Saber que la prohibición es de aplicación tanto si el artículo beneficiaría directamente a la persona o a otra persona,
como un familiar, un amigo o un socio comercial
• Mantener libros, registros y cuentas con detalles razonables y reflejar de forma precisa y justa la transacción
• Llevar a cabo la diligencia debida sobre agentes, distribuidores y otros terceros antes de comprometerse y durante la
relación, y obtener la aprobación del Departamento Legal
• Gestionar y controlar de forma apropiada las actividades comerciales realizadas a través de terceros
NO debe...
• Ofrecer, prometer, pagar o autorizar el pago de cualquier cosa de valor a algún funcionario gubernamental y/o
empleados del sector privado para ayudar a que Avient obtenga o mantenga negocios o se garantice alguna otra
ventaja comercial inapropiada.
Francisco Nakasato, 1700
13295-000 Itupeva São Paulo, Brasil
Teléfono: +55 11 4593 9200
Europa
Sede regional de Pommerloch,
Luxemburgo
19 Route de Bastogne Pommerloch,
Luxemburgo, L-9638
Teléfono: +352 269 050 35
Fax: +352 269 050 45
www.avient.com
http://www.avient.com
https://www.avient.com/sites/default/files/2020-07/avient-abac-netherlands-200721.pdf
subject=
http://avient.ethicspoint.com
6
Snelle verwijzing: ABAC WEL DOEN EN NIET DOEN
WEL DOEN
• Beseffen dat Avient elke vorm van omkoping en corruptie verbiedt en geen faciliterende betalingen toestaat
Francisco Nakasato, 1700
13295-000 Itupeva Sao Paulo,
Brazilië
Telefoon: +55 11 4593 9200
Europa
Regionaal hoofdkantoor
Pommerloch, Luxemburg
19 Route de Bastogne Pommerloch,
Luxemburg, L-9638
Telefoon: +352 269 050 35
Fax: +352 269 050 45
www.avient.com
http://www.avient.com
https://www.avient.com/investor-center/news/polyone-announces-third-quarter-2019-results
Factors that could cause actual results to differ materially from those implied by these forward-looking statements include, but are not limited to: the time required to consummate the proposed divestiture of the PP&S segment; the satisfaction or waiver of conditions in the sale agreement; any material adverse changes in the business supporting the PP&S assets being sold; the ability to consummate the proposed divestiture; our ability to identify and evaluate acquisition targets and consummate and integrate acquisitions; disruptions, uncertainty or volatility in the credit markets that could adversely impact the availability of credit already arranged and the availability and cost of credit in the future; the effect on foreign operations of currency fluctuations, tariffs and other political, economic and regulatory risks; changes in polymer consumption growth rates and laws and regulations regarding plastics in jurisdictions where we conduct business; changes in global industry capacity or in the rate at which anticipated changes in industry capacity come online; fluctuations in raw material prices, quality and supply, and in energy prices and supply; production outages or material costs associated with scheduled or unscheduled maintenance programs; unanticipated developments that could occur with respect to contingencies such as litigation and environmental matters; an inability to raise or sustain prices for products or services; an ability to achieve or delays in achieving or achievement of less than the anticipated financial benefit from initiatives related to acquisition and integration, working capital reductions, costs reductions and employee productivity goals; information systems failures and cyberattacks; and other factors affecting our business beyond our control, including, without limitation, changes in the general economy, changes in interest rates and changes in the rate of inflation.
https://www.avient.com/investor-center/news/polyone-announces-third-quarter-2018-results
Our additional investments in commercial resources and specialty acquisitions position us well to support our customers and capture additional long term growth," said Mr.
https://www.avient.com/sites/default/files/2023-07/Avient_CodeConduct_2023_China.pdf
http://Avient.com/sustainability
http://Avient.com/sustainability
22
产品和服务的安全
Avient 提供的安全产品和服务可令客户满怀信心,
践行我们面向公众的职责,并保持我们的市场竞争
地位。
道德热线:
https://www.Avient.com/company/policies-and-governance/ethics-hotline
道德热线电话:
1-877-228-5410
https://www.Avient.com/company/policies-and-governance/ethics-hotline
北美
全球总部,美国 Avon Lake
33587 Walker Road Avon
Lake, OH, United States
44012
免费电话:+1 866 765 9663
电话:+1 440 930 1000
传真:+1 440 930 3064
亚太地区
地区总部,中国上海
金苏路 200 号 C 幢 2 楼
中国上海,邮编 201206
电话:+86 (0) 21 6028 4888
传真:+86 (0) 21 6028 4999
南美
地区总部,巴西圣保罗
Av.
Francisco Nakasato,
1700
13295-000 Itupeva
Sao Paulo, Brazil
电话:+55 11 4593 9200
欧洲
地区总部,卢森堡
Pommerloch
19 Route de Bastogne
Pommerloch, Luxembourg,
L-9638
电话:+352 269 050 35
传真:+352 269 050 45
www.avient.com
http://www.avient.com
首席执行官寄语
我们的愿景和战略
核心价值观和个人价值观
我们的《行为准则》
道德行为指南
个人价值观
解决问题和举报违规情况
道德热线
禁止打击报复
《行为准则》的适用范围
违反本准则的行为
尊重所有人กคน
多元和包容
歧视或骚扰
工作场所关系
物质滥用
人身安全和 工作场所暴力
工作诚实
准确的信息、数据和记录
会计诚信
政府调查和询查
政治献金/活动和慈善捐款
内幕信息和内幕交易
计算机安全、软件许可和版权
社交媒体和社交网络
互联网和电子邮件的使用
隐私、个人信息和数据保护
专有和机密信息、创意和知识产权
资产的保护和使用
公司通讯
我们企业的诚信
公平交易
贿赂和回扣
代理人和顾问
竞争
礼品和招待
利益冲突
假公济私
国际贸易
企业社会责任
可持续性
安全、健康和环境
产品和服务的安全
尊重人权
共同的承诺
资源和联系信息
https://www.avient.com/sites/default/files/2021-10/avnt-q3-2021-earnings-presentation_0.pdf
Our free cash flow supports
shareholder value creation through
investing in R&D for organic growth,
completing bolt-on acquisitions, and
returning cash to shareholders via our
dividend program and opportunistic
share repurchases.
23 1.
https://www.avient.com/sites/default/files/resources/AVNT Fermium Conference - May 2023 w NonGAAP Recs.pdf
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/Avient Acquisition of Dyneema and Q1 2022 Results_0.pdf
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% $136
Q1 2022 SALES AND OPERATING INCOME
(TOTAL COMPANY)
6
Sales Growth Rate
Operating
Income$ millions
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)
FIT WITH FOUR PILLAR STRATEGY
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
DYNEEMA® OVERVIEW
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 Valuechain &
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
PRODUCTS
AVIENT’S EXISTING COMPOSITES PORTFOLIO
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
AVIENT’S COMPOSITES PORTFOLIO
SALES AND EBITDA
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
• 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®
DISTRIBUTION DIVESTITURE
CONSIDERATIONS
DISTRIBUTION HIGHLIGHTS
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)
DYNEEMA® TRANSACTION OVERVIEW
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
CAPITAL STRUCTURE / LEVERAGE
23
• Financing commitments secured from Morgan Stanley
and J.P.
https://www.avient.com/sites/default/files/2024-01/AVNT January IR Presentation_w Non-Gaap Recs.pdf
Our formulation
expertise supports material science decisions, while our
processing expertise guides customers to use the materials
properly.
https://www.avient.com/investor-center/news/polyone-announces-first-quarter-2020-results
We have 61 global manufacturing facilities, and all but two continue to operate, as we are an essential source of supply related to coronavirus support and recovery," said