https://www.avient.com/sites/default/files/2020-10/2020-gravi-tech-design-guide-.pdf
It is better to
fill out the part at slower speeds in-order to let
any compressed air escape, and to get the best
surface finish on the part.3
• Using all of the previous settings, record the
Transfer Pressure, Fill Time, and Injection
speed
• Reduce the injection velocity by 10% and
record the same values
Transfer
(psi)
Fill
Time
(sec)
Injection
Velocity
(in/sec)
Relative
Shear Rate
Relative
Viscosity
1238 0.20 8.00 5.00 247.60
1125 0.22 7.00 4.55 247.50
1058 0.25 6.00 4.00 264.50
960 0.35 5.00 2.86 336.12
870 0.45 4.00 2.22 391.65
780 0.58 3.00 1.72 452.59
690 0.85 2.00 1.18 586.78
600 1.35 1.00 0.74 810.45
510 2.50 0.75 0.40 1275.83
420 5.23 0.50 0.19 2198.34
330 9.56 0.25 0.10 3157.99
240 15.26 0.10 0.07 3667.49
FIGURE 47 - Injection Speed
22 Gravi-Tech
• Keep reducing the injection velocity until a
fill time of 10-15 seconds is reached
• Calculate the Relative Viscosity for each of
the Injection Speeds using the equation
above (Transfer Pressure * Fill Time)
• Calculate the Relative Shear Rate for each of
the injection speeds using the equation
(1/Fill Time)
• Plot the points on a graph and find the
optimum velocity
• The optimum velocity will be where the
curve starts to level out
In figure 48 above, the optimum velocity is where
the plotted line crosses the black trend line;
therefore the optimum velocity would be about
1.00 in/sec.
https://www.avient.com/sites/default/files/2022-05/AVNT May IR Presentation w Non GAAP Recs.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) 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 $M)
TWO-YEAR LEVERAGE GOAL
33
3.5x
2.7x
1.7x
2.9x
2.5x
2.2x
2019PF 2020PF 2022E 2022PF 2023E 2024E
Dyneema® AcquisitionClariant Color Acquisition
(1) Pro forma for the acquisition of the Clariant Color business
(2) Pro forma for the acquisition of Dyneema® and potential divestiture of
Distribution, including repayment of senior notes due 2023 and Term Loan
(1) (1) (2)
34
PRO FORMA MODELING
2022E Pro Forma Pro Forma
($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
ACQUISITION HISTORY
36
Commercial
Resources(1)
Operating Margins
259
360
$40
$122
Established Acquisitions
(> 7 years)
+ 39% + 210% + 1200 bps
(1) Commercial Resources include associate headcount in R&D / Technical, Marketing and Sales
CLARIANT COLOR ACQUISITION
37
$133
$205
2019PF 2021
37
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.
https://www.avient.com/sites/default/files/2021-06/avient-ir-presentation-may-2021-w-non-gaap-recs.pdf
Operating Income
$3,783
$4,100
(1) Financial information is pro forma to include a full year of Clariant Masterbatch business acquisition
Previous
Guidance
Current
Guidance
$3,783
$4,300
$308
$360
$308
$410
$1.93
$2.40
$1.93
$2.80
(1) (1)(1)
(1)(1) (1)
$442
$457
$560
$1.74
$1.93
$2.80
FULL YEAR 2019 – 2021 ORGANIC GROWTH
23
Sales Adjusted EBITDA
$3,981
$3,783
$4,300
+ 8%
(1) Financial information is pro forma to include a full year of Clariant Masterbatch business acquisition
(1)(1)
+ 27% + 61%
24
BALANCE SHEET
• Deleveraging to 1.9x net debt to
adjusted EBITDA by the end of
2021
• Driven by record adjusted EBITDA
performance and strong free cash
flow generation from asset light
business
• Future cash deployment: M&A,
opportunistic share repurchases
and balance sheet / continued
leverage reduction
3.5x
2.7x
1.9x
Net Debt / Adjusted EBITDA
($ in millions)
2021E Adjusted EBITDA 560$
Free Cash Flow 275$
Total Debt 1,860
Less: Cash (800)
Net Debt 1,060$
2021E Net Debt / Adjusted EBITDA 1.9x
(1) Financial information is pro forma to include a full year of Clariant Masterbatch business acquisition
PEER COMPARISONS
25
As a specialty formulator, we don’t
require significant capital
investment, as compared to the
base resin raw material suppliers
we purchase from.
https://www.avient.com/sites/default/files/2020-10/luxury-closures-gravi-tech-design-guide-2.0-application-specific.pdf
It is better to
fill out the part at slower speeds in-order to let
any compressed air escape, and to get the best
surface finish on the part.3
• Using all of the previous settings, record the
Transfer Pressure, Fill Time, and Injection
speed
• Reduce the injection velocity by 10% and
record the same values
• Keep reducing the injection velocity until a
fill time of 10-15 seconds is reached
Transfer
(psi)
Fill
Time
(sec)
Injection
Velocity
(in/sec)
Relative
Shear Rate
Relative
Viscosity
1238 0.20 8.00 5.00 247.60
1125 0.22 7.00 4.55 247.50
1058 0.25 6.00 4.00 264.50
960 0.35 5.00 2.86 336.12
870 0.45 4.00 2.22 391.65
780 0.58 3.00 1.72 452.59
690 0.85 2.00 1.18 586.78
600 1.35 1.00 0.74 810.45
510 2.50 0.75 0.40 1275.83
420 5.23 0.50 0.19 2198.34
330 9.56 0.25 0.10 3157.99
240 15.26 0.10 0.07 3667.49
FIGURE 47 - Injection Speed
22 Gravi-Tech
• Calculate the Relative Viscosity for each of
the Injection Speeds using the equation
above (Transfer Pressure * Fill Time)
• Calculate the Relative Shear Rate for each
of the injection speeds using the equation
(1/Fill Time)
• Plot the points on a graph and find the
optimum velocity
• The optimum velocity will be where the
curve starts to level out
In figure 48 above, the optimum velocity is where
the plotted line crosses the black trend line;
therefore the optimum velocity would be about
1.00 in/sec.
https://www.avient.com/investor-center/news/avient-announces-fourth-quarter-and-full-year-2024-results
A recording of the webcast and the slide presentation will be available at avient.com/investors/events-presentations immediately following the conference call and will be accessible for one year.
https://www.avient.com/investor-center/news/avient-announces-first-quarter-2025-results
A recording of the webcast and the slide presentation will be available at avient.com/investors/events-presentations immediately following the conference call and will be accessible for one year.
https://www.avient.com/investor-center/news/avient-announces-third-quarter-2024-results
A recording of the webcast and the slide presentation will be available at avient.com/investors/events-presentations immediately following the conference call and will be accessible for one year.
https://www.avient.com/investor-center/news/polyone-announces-third-quarter-2016-results
Specialty Engineered Materials and Performance Products & Solutions deliver record third quarter operating income
https://www.avient.com/investor-center/news/avient-announces-fourth-quarter-and-full-year-2022-results
A recording of the webcast and the slide presentation will be available at avient.com/investors/events-presentations immediately following the conference call and will be accessible for one year.
https://www.avient.com/investor-center/news/avient-announces-third-quarter-2022-results
A recording of the webcast and the slide presentation will be available at avient.com/investors/events-presentations immediately following the conference call and will be accessible for one year.