https://www.avient.com/sites/default/files/2024-06/Position on Biodiversity.pdf
It is Avient’s expectations that our employees follow this policy and
do their part to properly report environmental data, share ideas, and
foster a culture around sustainability.
https://www.avient.com/sites/default/files/resources/TRA%2520-%25202016%2520Plan%2520Summary.pdf
Please note all previously entered data will be modified.
Please note all previously entered data will be modified.
Substances
103231, Bis(2ethylhexyl) adipate
103231, Bis(2ethylhexyl) adipate
Substances Section Data
Statement of Intent
Are the following included in the Facility's TRA Plan?
https://www.avient.com/idea/video-how-address-skin-irritation-wearable-electronics
To find out more about TPE materials specifically formulated for skin sensitivity and wearable electronic applications, click here: Versaflex™ CE Series
https://www.avient.com/idea/video-avoid-these-mistakes-when-designing-consumer-electronics
To find out more about TPE materials specifically formulated for headphones, stereo speakers, smartwatches, gaming consoles and more, click here: Versaflex™ CE Series
https://www.avient.com/sites/default/files/2023-03/Application Snapshot - Therm-Tech Heat Sink for Vehicle Lights PDF.pdf
ELAUSA
ELECTRONICS
V E H I C L E L I G H T H E A T S I N K
• Replace aluminium to reduce part cost and weight
• Maintain similar thermal transition to current material
• Simplify manufacturing
• Reduced part weight from 38g to 9g
• Provided the required thermal efficiency through
part re-design and material choice
• Enabled upfront simulation data through Avient
Design reducing risk of metal replacement
• Simplified manufacture process to a single
injection molding step
Therma-Tech™ Thermally Conductive
Formulations
KEY REQUIREMENTS
WHY AVIENT?
https://www.avient.com/sites/default/files/2023-06/Maxxam - EV Part - Application Snapshot.pdf
KUNSTSTOFF
SCHWANDEN
E L E C T R I C V E H I C L E P A R T
• Replace aluminum to reduce part weight and overall
weight of the electric vehicle
• Secure supply of high volume of material
• Flexible delivery
• Cost competitive
• Enabled OEM to replace metal and reduce part
weight
• Provided excellent customer service, sending
samples and technical data promptly
• Supported customer with processing queries
• Secured material supply and flexible delivery –
delivering on a specific date each month
Maxxam™ Polyolefin Formulations
KEY REQUIREMENTS
WHY AVIENT?
https://www.avient.com/sites/default/files/2021-11/avnt-november-investor-meetings.pdf
We are Avient.
6
B ET T E R TO G E TH E R : P O LYO NE A N D
C L A R I A N T C O LO R
Key Financial Data (1)
2021E Sales $4.75 billion
2021E EBITDA $580 million
87% of EBITDA from specialty applications
(1) As of October 28, 2021 webcast
Synergies
($ millions)
Three-Year
Estimate
Administrative $ 20
Sourcing 30
Operational 25
Total Synergies $ 75
7
C L A R I A N T C O S T S Y N ERG I E S
• On-track to realize $50 million of expected
synergies in 2021 – up from earlier estimate of $35
million
• Relentless focus on guiding principles for
acquisition integration: safety first, employee
collaboration and exceeding customer expectations
• Future revenue synergies in excess of $50 million
by 2025 are not part of these estimates and
represent additional growth over the long term
8
• Barrier technology
• Functional additives
• Processing aids
• Flame retardants
• Light-weighting
additives
Complementary
Technologies
• Clariant’s approved
formulations and
certified facilities
• Legacy PolyOne’s
leading share in
distribution channels
Healthcare
Solutions
• Clariant’s position
in SE Asia,
Latin America,
Germany & Italy
• Legacy PolyOne’s
position in U.S.,
Canada and China
Regional
Strengths
• Solutions with Avient’s
engineered materials
customers
• Avient’s distribution
channels
Segment
Cross-selling
C O M P L E M E NTA RY T E C H N O LOG I E S A N D
C U S TO M ER S D R I V E R E V E N U E S Y N E RG I E S
Revenue synergy opportunities in excess of $50M by 2025
The complementary aspects of our combined businesses are unquestionable.
D
is
t.
)
K
W
R
P
P
G
A
V
Y
F
U
L
R
P
M
G
C
P
F
M
C
H
X
L
H
U
N
E
C
L
A
S
H
E
M
N
C
E
S
C
L
Source: Peer data per Bloomberg market data as of November 8, 2021
Avient reflects 2021 estimated revenue of $4,750M and estimated CAPEX of $80M (excludes one-time synergy capture CAPEX of $20M)
Avient Specialty
Formulators
Other
Chemical/Specialty
Companies
Free Cash Flow Conversion (1)
2021E (%)
Being asset light helps us to generate
strong free cash flow that is in line
with specialty formulators.
Free cash flow conversion calculated as (EBITDA – Capex) / EBITDA
H I G H F R E E C A S H F L OW
C O N V E R S I O N
Avient reflects 2021 estimated EBITDA of $580M and estimated CAPEX of $80M (excludes one-time synergy capture CAPEX of $20M)
Source: Peer data per Bloomberg market data as of November 8, 2021
86
93
85
83
79
77 75
89
85 83 81 79 79 78 77
74
25
A
vi
e
n
t
K
W
R
P
P
G
A
V
Y
F
U
L
R
P
M
G
C
P
F
M
C
U
N
V
R
C
E
B
N
R
H
X
L
A
S
H
E
C
L
E
M
N
H
U
N
S
C
L
A
L
B
(10)
Source: Peer data per Bloomberg market data as of November 8, 2021
Total Enterprise Value / 2021E EBITDA
Our current valuation with updated
guidance implies an EBITDA multiple
that is below many of our specialty
formulator peers.
https://www.avient.com/sites/default/files/resources/PolyOne%25202018%2520Proxy%2520Statement.PDF
Strong balance sheet and free cash flow, as total cash
and liquidity ended the year at $244 million and
$574 million, respectively.
The second independent source of data that we used to augment the peer proxy analysis was the Consultant’s
analysis of competitive market data relating to other applicable general industries.
The CEO makes his recommendations in conjunction with the marketplace data.
https://www.avient.com/sites/default/files/2020-03/PolyOne_Website-12.19.pdf
Sources
Cash from Balance Sheet $465
New Senior Unsecured Notes 650
New Equity 450
Total Sources $1,565
Uses
Clariant Masterbatch $1,500
Clariant India Masterbatch 60
Less: Lease Adjustment (113)
Net Purchase Price $1,447
Net Cash Acquired 57
Fees, Expenses & OID 61
Total Uses $1,565
($ Millions)
Cash and Cash Equivalents $370
$450M Senior Secured ABL Revolver -
Senior Secured Term Loan B due 2026 624
Other Debt 25
Total Senior Secured Debt $649
5.25% Senior Unsecured Notes due 2023 $600
New Senior Unsecured Notes 650
Total Senior Debt $1,899
Net Debt $1,529
New Equity $450
Pro Forma Capitalization
(1)
PF 12/31/2019
$450
$600 $624
$743
2019 2020 2021 2022 2023 2024 2025 2026
A T T R A C T I V E F I N A N C I N G S T R U C T U R E
Attractive Debt
Maturity Profile
Existing Revolver Existing Senior Notes Existing Term Loan B
New Debt
Financing
Financing
Summary
Terms on
New Debt
$465 million of cash from the balance sheet expected to fund a portion of the purchase price
Bridge financing for remainder fully committed from Citi, Morgan Stanley and Wells Fargo
Permanent financing expected to include a combination of long-term debt and new equity
The timing of the permanent financing is subject to a number of factors, including, but not limited
to, market conditions
PolyOne is committed to preserving a strong balance sheet
– Target net leverage at close below 3.5x, excluding synergies
Pro forma capital structure positions PolyOne with flexibility to pursue continued growth strategy
New financing expected to have same or better covenant package than existing capital structure
Capital structure would be “covenant lite”
Capital
Policy
Transaction in line with PolyOne’s disciplined capital allocation policy
Existing PolyOne dividend policy to be maintained
Focus on deleveraging in the near term
2028+
PolyOne Corporation 26
PolyOne Corporation 27
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
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
PolyOne Corporation 28
PolyOne Corporation 29
https://www.avient.com/products/polymer-additives/healthcare-additives
TPE Knowledge Center
reSound™ Ultra-Low Carbon Footprint TPEs
Healthcare TPEs: Versaflex™ HC