https://www.avient.com/sites/default/files/2022-05/AVNT May IR Presentation w Non GAAP Recs.pdf
FX)
$429
$490
$3.05
$3.50
FY 2022 PERFORMANCE
16
$4,819
$5,100
+ 6%
(+ 8% excluding FX)
Adjusted EPS
+ 14%
(+ 17% excluding FX)
+ 15%
(+ 18% excluding FX)
(in millions) (in millions)
Sales Adjusted Operating Income
17
CASH FLOW / LEVERAGE
($ millions) 2022E
Cash Flow from Operating Activities 400$
Less:
Run-Rate CapEx (90)
CapEx for Clariant Integration (10)
CapEx for IT System Upgrade (15)
Total CapEx (115)
Free Cash Flow 285$
Adjusted EBITDA 635$
Net Debt / Adjusted EBITDA 1.7x
DYN E E MA ACQ U I S I T I O N
19
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
20
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
21 Figures reflect 2022 expected sales
MIFOverview Competition Valuechain &
Go-to-market Strategy Innovation Financials
TECHNOLOGY
22
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
23
• 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
24
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
25
• 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 Japan aiming to almost double defense spending over the next 5 years(2)
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(3)
• Continued investment in aquaculture as a sustainable food source(4)
• 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) “Japan Ruling Party Calls for Defense Spending Boost to 2% of GDP”, WSJ (April 21, 2022)
(3) “Global Wind Report 2021”, Global Wind Energy Council
(4) “Aquaculture Supports a Sustainable Earth”, NOAA Fisheries
26
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
27
AVIENT’S COMPOSITES PORTFOLIO
SALES AND EBITDA
28
$74 $84
$216 $212
$261
$5 $10
$32
$41
$49
$180
0
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
30
$21
$57
$69
$94
$105
0
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
31
- $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
32
• Financing commitments secured from Morgan Stanley
and J.P.
https://www.avient.com/sites/default/files/2024-10/Avient_CodeConduct_2024_ZH-CN2.pdf
个人价值观
正直、诚实和尊重
正直、诚实和尊重应从我们每个人自身做起,我们个人做出的判断
和决定将影响市场和业务所在社区看待 Avient 的方式。
为此,我们将会通过公开
发布的信息,通过客户、分析、咨询和观察,以合法且合乎道德的
方式收集有关市场和竞争对手的技术、成本、产品、营销等信息。
行为准则》 | 28
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。
https://www.avient.com/sites/default/files/2022-07/Avient 2021 Sustainability Report 7-26-22.pdf
Together, it is our job to help protect the earth’s resources.
We will strive to minimize our environmental impact and maximize
our conservation of the earth’s resources by using energy-efficient
technologies, recycling more, reducing waste, continuously improving
operating efficiencies and driving operational excellence
Clean4Change is a global movement,
initially launched during Earth Day in April 2021, with the goal of engaging stakeholders around the world and to motivate them in adopting cleanup behaviors.
https://www.avient.com/knowledge-base/article/what-s-difference-fillers-reinforcements
Added in at volumes ranging from less than 1 percent to more than 70 percent by weight, minerals are typically mined from the earth and then refined to produce uniform particle size distribution.
There are various types of natural silica, including diatomaceous earth (diatomite), which is used as an antiblocking agent.
https://www.avient.com/knowledge-base/article/what-s-difference-fillers-reinforcements?ind[]=6598
Added in at volumes ranging from less than 1 percent to more than 70 percent by weight, minerals are typically mined from the earth and then refined to produce uniform particle size distribution.
There are various types of natural silica, including diatomaceous earth (diatomite), which is used as an antiblocking agent.
https://www.avient.com/knowledge-base/article/what-s-difference-fillers-reinforcements?ind[]=21506
Added in at volumes ranging from less than 1 percent to more than 70 percent by weight, minerals are typically mined from the earth and then refined to produce uniform particle size distribution.
There are various types of natural silica, including diatomaceous earth (diatomite), which is used as an antiblocking agent.
https://www.avient.com/knowledge-base/article/what-s-difference-fillers-reinforcements?ind[]=6599
Added in at volumes ranging from less than 1 percent to more than 70 percent by weight, minerals are typically mined from the earth and then refined to produce uniform particle size distribution.
There are various types of natural silica, including diatomaceous earth (diatomite), which is used as an antiblocking agent.
https://www.avient.com/knowledge-base/article/what-s-difference-fillers-reinforcements?ind[]=6601
Added in at volumes ranging from less than 1 percent to more than 70 percent by weight, minerals are typically mined from the earth and then refined to produce uniform particle size distribution.
There are various types of natural silica, including diatomaceous earth (diatomite), which is used as an antiblocking agent.
https://www.avient.com/knowledge-base/article/what-s-difference-fillers-reinforcements?rtype[]=1164
Added in at volumes ranging from less than 1 percent to more than 70 percent by weight, minerals are typically mined from the earth and then refined to produce uniform particle size distribution.
There are various types of natural silica, including diatomaceous earth (diatomite), which is used as an antiblocking agent.
https://www.avient.com/knowledge-base/article/what-s-difference-fillers-reinforcements?ind[]=21509
Added in at volumes ranging from less than 1 percent to more than 70 percent by weight, minerals are typically mined from the earth and then refined to produce uniform particle size distribution.
There are various types of natural silica, including diatomaceous earth (diatomite), which is used as an antiblocking agent.