https://www.avient.com/sites/default/files/2024-03/2024 Proxy Statement_March.pdf
Fearon 68 2004 Yes M C
Gregory J.
Director since: 2004
Age: 68
• Waters Corporation
• Crown Holdings, Inc.
• CRH plc
Former Directorships:
• Eaton plc
• Southern Steel Bhd
• Centurion Industries, Ltd.
• Hennessy Capital Investment
Corp.
These payments are
described more fully in the disclosure provided in the “2023 Nonqualified Deferred Compensation”
section of this proxy statement.
68 PROXY STATEMENT 2024 | Annual Meeting of Shareholders
Payments and Benefits Upon Termination - as of the End of Fiscal Year 2023
The following table summarizes the amounts payable to the Named Executive Officers upon termination
under specified circumstances or upon a change of control.
https://www.avient.com/sites/default/files/2023-06/AVIENT_TPEs and LSR eBook.pdf
http://www.art.canaco.org
https://www.avient.com/sites/default/files/2020-11/gls-acqua-plose-case-study.pdf
1http://store.elsevier.com/Handbook-of-Polymer-Applications-in-Medicine-
and-Medical-Devices/isbn-9780323221696/
Tear Resistance
In Handbook of Polymer Applications in Medicine and Medical
Devices,1 Laurence W.
https://www.avient.com/sites/default/files/resources/IR_Deck_11.4.19.pdf
V I S I O N
PolyOne Corporation 4
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 IntegrityRespect
Operational
Excellence
Commercial
Excellence
Specialization
Globalization
Collaboration ExcellenceInnovation
To be the world’s
premier provider of
specialized polymer
materials, services
and solutions
S A F E T Y F I R S T
PolyOne Corporation 5
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
PolyOne Corporation 6
P O L Y O N E
P R O F O R M A 2 0 1 8 R E V E N U E | $ 2 . 9 B I L L I O N *
Segment End Market Geography
15% Healthcare
Wire & Cable
Building &
Construction
Electrical &
Textiles
Color
Additives
& Inks
34%
Distribution
41%
Specialty
Engineered
Materials
25%
United States
54% Europe
20%
Latin
America
10%
*Pro Forma excluding PP&S and including Fiber-Line
PolyOne Corporation 204
P R O O F O F PER FO R MA N C E
C O N S E C U T I V E
Y E A R S
10
A D J U S T E D E P S E X P A N S I O N
$1.51
$1.61
S U S T A I N A B L E P A T H T O D O U B L E - D I G I T E P S G R O W T H
PolyOne Corporation 8
P E O P L E P R O D U C T S P L A N E T P E R F O R M A N C E
Double digit
annual EPS
growth
Expand specialty portfolio
with strategic acquisitions
Innovate and develop new
technologies and services
Repurchase 600K-1M
shares annually
Increase commercial
resources 5-7% annually
Double acquired
company margins
Enhance efficiencies
through Lean Six Sigma
and commercial excellence
531
710130
164
504
663
R&D / Technical Marketing Sales
PolyOne Corporation 9
Increased commercial headcount
+ 34%
+ 26%
+ 32%
I N V E S T M E N T I N COMMERCIAL RESOURCES D R I V I N G G R O W T H
Sustained revenue increases led
by organic business
$2.9 $2.9
$3.2
$3.5
2015 2016 2017 2018
Total
+ 9%
Organic
+ 5%
Revenue in billions of $
Total
+ 10%
Organic
+ 7%
Lead
Specialists
T H E E V O L V I N G C U S T O M E R R E L A T I O N S H I P
PolyOne Corporation 10
Expanded Path
Traditional Path
Strategic Accounts/
Field Sales
Business
Development
Customer
Service
Web and Social
Media
Inside Sales
PolyOne Corporation 11
Investments in digital and dedicated inside sales to
improve customer experience
110% increase in leads (from 6,000 to 12,700) driven
by website, phone, and online chat
EXPANDED PATH
A D D I N G C U S T O M E R T O U C H P O I N T S
4
24
Inside sellers
$11M
$109M
Inside sales/digital revenue
A L I G N I N G W I T H T R E N D S F O R G R O W T H
T R A N S P O R T A T I O N P A C K A G I N G H E A L T H C A R E C O N S U M E R
PolyOne Corporation 12
Facilitate
alternative
energy
solutions
Light-
weighting
Reduce
packaging
materials
Improve
recyclability
Reduce
spread of
infection
I N N O V A T I O N
PolyOne Corporation 13
Customization
55%
M&A
30%
Innovation
Pipeline
Innovation comes from Research & Development Spend
($ millions)
Vitality Index
% of sales from products launched last 5 years
35%
2006 2018
$20
$56
2006 2018
Transformational
Opportunity for Growth
Through M&A
Adjacent
Opportunity for
Growth Through New
Product Pipeline
Core
Customization
3 H O R I Z O N S O F D E V E L O P M E N T
PolyOne Corporation 14
Incremental
development
from existing
base of
technology
New development
adjacent to current
New technology
development
outside of and with
our current base
Service adjacent
markets and
Create new
markets, target
new customer
needs
Service existing
markets and
Market
Technical
I N N O V A T I O N
Non-Halogen Flame
Retardants
Barrier Technologies
Fiber Colorants
Advanced Composites
Thermoplastic Elastomers
Gordon Composites/
Polystrand – Composites
GLS – Thermoplastic Elastomers
ColorMatrix – Liquid Color & Additives
PlastiComp
Fiber-Line
I N N O V A T I O N S P O T L I G H T :
C O M P O S I T E S
PolyOne Corporation 15
C O M P O S I T E S R E F R E S H E R
PolyOne Corporation 16
Polymer
Composite
Strength
Design Flexibility
Continuous
Fiber
Thermoset
Short Glass
Fiber
Thermoplastics
Continuous Fiber
Long Glass Fiber
Thermoplastics
S T R A T E G I C I N V E S T M E N T H I S T O R Y
Acquired
Polystrand
Installed LFT
production
Avon Lake
Acquired
Gordon
Thermoplastic Composites
Long Fiber Reinforced Thermoplastics
Continuous Fiber Thermosets
Long Fiber
Thermoplastic
(LFT)
Technology
Installed LFT
production
Barbastro,
Spain
Acquired
Glasforms
Long Fiber Reinforced Thermoplastics
Continuous Fiber Thermosets
2012 2015 20162009 2011
Acquired
PlastiComp,
specialty LFT
producer
2018
PolyOne Corporation
Acquired
Fiber-Line,
specialty
fiber
processor
17
C O M P O S I T E S I N T R A N S P O R T A T I O N
PolyOne Corporation 18
W A T E R C R A F TR A I L H E A V Y T R U C K
Bulkheads and Transoms
Ceilings and Hatches
Doors and Cabinetry
Flooring
Door Panels
Side Walls
Flooring & Side Panels
Aerodynamic Fairings
Seat and Bunk
Reinforcements
P O L Y O N E A P P L I C A T I O N S I N F I B E R O P T I C C A B L E S
PolyOne Corporation 19
1.
https://www.avient.com/sites/default/files/2019-12/Fermium_IR_Deck_12.16.19_for_Website.pdf
V I S I O N
PolyOne Corporation 4
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 IntegrityRespect
Operational
Excellence
Commercial
Excellence
Specialization
Globalization
Collaboration ExcellenceInnovation
To be the world’s
premier provider of
specialized polymer
materials, services
and solutions
S A F E T Y F I R S T
PolyOne Corporation 5
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
PolyOne Corporation 6
P O L Y O N E
P R O F O R M A 2 0 1 8 R E V E N U E | $ 2 . 9 B I L L I O N *
Segment End Market Geography
15% Healthcare
15%
Wire & Cable
Building &
Electrical &
Electronics
Textiles
Color
Additives
& Inks
34%
Distribution
41%
Specialty
Engineered
Materials
25%
United States
54% Europe
20%
Latin
America
10%
*Pro Forma excluding PP&S and including Fiber-Line
P R O O F O F P E RFO RMAN CE
C O N S E C U T I V E
Y E A R S
10
A D J U S T E D E P S E X P A N S I O N
$1.51
$1.61
PolyOne Corporation 7
S U S T A I N A B L E P A T H T O D O U B L E - D I G I T E P S G R O W T H
PolyOne Corporation 8
P E O P L E P R O D U C T S P L A N E T P E R F O R M A N C E
Double digit
annual EPS
growth
Expand specialty portfolio
with strategic acquisitions
Innovate and develop new
technologies and services
Repurchase 600K-1M
shares annually
Increase commercial
resources 5-7% annually
Double acquired
company margins
Enhance efficiencies
through Lean Six Sigma
and commercial excellence
531
710130
164
504
663
R&D / Technical Marketing Sales
PolyOne Corporation 9
Increased commercial headcount
+ 34%
+ 26%
+ 32%
I N V E S T M E N T I N COMMERCIAL RESOURCES D R I V I N G G R O W T H
Sustained revenue increases led
by organic business
$2.9 $2.9
$3.2
$3.5
2015 2016 2017 2018
Total
+ 9%
Organic
+ 5%
Revenue in billions of $
Total
+ 10%
Organic
+ 7%
Lead
Specialists
T H E E V O L V I N G C U S T O M E R R E L A T I O N S H I P
PolyOne Corporation 10
Expanded Path
Traditional Path
Strategic Accounts/
Field Sales
Business
Development
Customer
Service
Web and Social
Media
Inside Sales
PolyOne Corporation 11
Investments in digital and dedicated inside sales to
improve customer experience
110% increase in leads (from 6,000 to 12,700) driven
by website, phone, and online chat
EXPANDED PATH
A D D I N G C U S T O M E R T O U C H P O I N T S
4
24
Inside sellers
$11M
$109M
Inside sales/digital revenue
A L I G N I N G W I T H T R E N D S F O R G R O W T H
T R A N S P O R T A T I O N P A C K A G I N G H E A L T H C A R E C O N S U M E R
PolyOne Corporation 12
Facilitate
alternative
energy
solutions
Light-
weighting
Reduce
packaging
materials
Improve
recyclability
Reduce
spread of
infection
I N N O V A T I O N
PolyOne Corporation 13
Customization
55%
M&A
30%
Innovation
Pipeline
15%
Innovation comes from Research & Development Spend
($ millions)
Vitality Index
% of sales from products launched last 5 years
35%
2006 2018
$20
$56
2006 2018
Transformational
Opportunity for Growth
Through M&A
Adjacent
Opportunity for
Growth Through New
Product Pipeline
Core
Customization
3 H O R I Z O N S O F D E V E L O P M E N T
PolyOne Corporation 14
Incremental
development
from existing
base of
technology
New development
adjacent to current
New technology
development
outside of and with
our current base
Service adjacent
markets and
Create new
markets, target
new customer
needs
Service existing
markets and
Market
Technical
I N N O V A T I O N
Non-Halogen Flame
Retardants
Barrier Technologies
Fiber Colorants
Advanced Composites
Thermoplastic Elastomers
Gordon Composites/
Polystrand – Composites
GLS – Thermoplastic Elastomers
ColorMatrix – Liquid Color & Additives
PlastiComp
Fiber-Line
I N N O V A T I O N S P O T L I G H T :
C O M P O S I T E S
PolyOne Corporation 15
C O M P O S I T E S R E F R E S H E R
PolyOne Corporation 16
Polymer
Composite
Strength
Design Flexibility
Continuous
Fiber
Thermoset
Short Glass
Fiber
Thermoplastics
Continuous Fiber
Long Glass Fiber
Thermoplastics
S T R A T E G I C I N V E S T M E N T H I S T O R Y
Acquired
Polystrand
Installed LFT
production
Avon Lake
Acquired
Gordon
Thermoplastic Composites
Long Fiber Reinforced Thermoplastics
Continuous Fiber Thermosets
Long Fiber
Thermoplastic
(LFT)
Technology
Installed LFT
production
Barbastro,
Spain
Acquired
Glasforms
Long Fiber Reinforced Thermoplastics
Continuous Fiber Thermosets
2012 2015 20162009 2011
Acquired
PlastiComp,
specialty LFT
producer
2018
PolyOne Corporation
Acquired
Fiber-Line,
specialty
fiber
processor
17
C O M P O S I T E S I N T R A N S P O R T A T I O N
PolyOne Corporation 18
W A T E R C R A F TR A I L H E A V Y T R U C K
Bulkheads and Transoms
Ceilings and Hatches
Doors and Cabinetry
Flooring
Door Panels
Side Walls
Flooring & Side Panels
Aerodynamic Fairings
Seat and Bunk
Reinforcements
P O L Y O N E A P P L I C A T I O N S I N F I B E R O P T I C C A B L E S
PolyOne Corporation 19
1.
https://www.avient.com/sites/default/files/resources/11.30.18%2520Investor%2520Presentation%2520V1.pdf
V I S I O N
PolyOne Corporation 4
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 IntegrityRespect
Operational
Excellence
Commercial
Excellence
Specialization
Globalization
Collaboration ExcellenceInnovation
To be the world’s
premier provider of
specialized polymer
materials, services
and solutions
S A F E T Y F I R S T
PolyOne Corporation 5
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
YTD
PolyOne Corporation 6
P O L Y O N E
2 0 1 7 R E V E N U E | $ 3 . 2 B I L L I O N
9%
United States
59%
14%
10%
Latin
America
9%
Canada
PolyOne
Distribution
34%
Performance Products &
Solutions 21%
Specialty
Engineered
Materials
19%
Color
Additives &
Inks 26%
Segment End Market Geography
Building &
Construction
Electrical &
Electronics
2009 2010 2011 2012 2013 2014 2015 2016* 2017*
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 7
8
$0.13
$0.68
$0.82
$1.00
$1.31
$1.80
$1.96
$2.06
$2.21
*Pro Forma for sale of DSS
“Where we were” “Where we are”
ROIC** 5.0% 14.0%
Operating Income
% of Sales
Color, Additives & Inks 1.7% 15.5%
Specialty Engineered
Materials 1.1% 12.1%
Performance Products
& Solutions 4.3% 10.7%
Distribution 2.6% 6.3%
**ROIC is defined as TTM adjusted OI after tax divided by the sum of average debt and equity less cash over a 5 quarter period
A D J U S T E D E P S E X P A N S I O N
S U S T A I N A B L E P A T H T O D O U B L E - D I G I T E P S G R O W T H
PolyOne Corporation 8
P E O P L E P R O D U C T S P L A N E T P E R F O R M A N C E
Double digit
annual EPS
growth
Expand specialty portfolio
with strategic acquisitions
Innovate and develop new
technologies and services
Repurchase 600K-1M
shares annually
Increase commercial
resources 6-8% annually
Double acquired
company margins
Enhance efficiencies
through Lean Six Sigma
and commercial excellence
531
711130
158
504
656
2014 Q3 2018
R&D / Technical Marketing Sales
PolyOne Corporation 9
Increased commercial headcount
+ 34%
+ 22%
+ 30%
Generating opportunities
35% more sales calls
25% more marketing campaigns
1,000 new customers, expanding
customer base by 5%
$1.0B increase in new opportunities
Enhancing efficiency
8% reduction of average territory
size, enabling greater
customer focus
20% more prospecting calls
I N V E S T M E N T I N COMMERCIAL RESOURCES D R I V I N G G R O W T H
Lead
Specialists
T H E E V O L V I N G C U S T O M E R R E L A T I O N S H I P
PolyOne Corporation 10
Expanded Path
Traditional Path
Strategic Accounts/
Field Sales
Business
Development
Customer
Service
Web and Social
Media
Inside Sales
PolyOne Corporation 11
Investments in digital and dedicated inside sales to
improve customer experience
80% increase in leads (from 6,000 to 11,000) driven
by website, phone, and online chat
EXPANDED PATH
A D D I N G C U S T O M E R T O U C H P O I N T S
4
21
Inside sellers
$11M
$88M
Inside sales/digital revenue
N E W R E S O U R C E S F U E L I N G T H E F U T U R E
PolyOne Corporation 12
P O L Y O N E
S A L E S
F U N N E L
+34%
$3.0 billion
2017
$4.0 billion
A L I G N I N G W I T H T R E N D S F O R G R O W T H
T R A N S P O R T A T I O N P A C K A G I N G H E A L T H C A R E C O N S U M E R
PolyOne Corporation 13
Facilitate
alternative
energy
solutions
Light-
weighting
Reduce
packaging
materials
Improve
recyclability
Reduce
spread of
infection
I N N O V A T I O N
PolyOne Corporation 14
Customization
55%
M&A
30%
Innovation
Pipeline
Innovation comes from Research & Development Spend
($ millions)
Vitality Index
% of sales from products launched last 5 years
38%
$20
$52
Transformational
Opportunity for Growth
Through M&A
Adjacent
Opportunity for
Growth Through New
Product Pipeline
Core
Customization
3 H O R I Z O N S O F D E V E L O P M E N T
PolyOne Corporation 15
Incremental
development
from existing
base of
technology
New development
adjacent to current
New technology
development
outside of and with
our current base
Service adjacent
markets and
Create new
markets, target
new customer
needs
Service existing
markets and
Market
Technical
I N N O V A T I O N
Non-Halogen Flame
Retardants
Barrier Technologies
Fiber Colorants
Advanced Composites
Thermoplastic Elastomers
Gordon Composites/
Polystrand – Composites
GLS – Thermoplastic Elastomers
ColorMatrix – Liquid Color
& Additives
I N N O V A T I O N P I P E L I N E
PolyOne Corporation 16
PrototypeFrame
Opportunity
Scale-up & Test
Market
Build
Business Case
Commercial
Launch
(since 2015)
Phase 1 Phase 2 Phase 3 Phase 4 Phase 5
8
6
2 1
15 4
10
11
4
7
Breakthrough
Platform
Derivative
Number of Projects 26 16 20 15 2 79
Total Addressable Market
($ millions) - - $1,230 $1,170 $440 $2,840
F L A M E
R E T A R D A N T
P O L Y M E R S
A D V A N C E D
C O M P O S I T E S
B A R R I E R
M A T E R I A L S
C O L O R A N T
T E C H N O L O G I E S
T H E R M O P L A S T I C
E L A S T O M E R S
I N N O V A T I O N S P O T L I G H T :
C O M P O S I T E S
PolyOne Corporation 17
C O M P O S I T E S R E F R E S H E R
PolyOne Corporation 18
Polymer
Composite
Strength
Design Flexibility
Continuous
Fiber
Thermoset
Short Glass
Fiber
Thermoplastics
Continuous Fiber
Long Glass Fiber
Thermoplastics
S T R A T E G I C I N V E S T M E N T H I S T O R Y
Acquired
Polystrand
Installed LFT
production
Avon Lake
Acquired
Gordon
Thermoplastic Composites
Long Fiber Reinforced Thermoplastics
Continuous Fiber Thermosets
Long Fiber
Thermoplastic
(LFT)
Technology
Installed LFT
production
Barbastro,
Spain
Acquired
Glasforms
Long Fiber Reinforced Thermoplastics
Continuous Fiber Thermosets
2012 2015 20162009 2011
Acquired
PlastiComp,
specialty LFT
producer
PolyOne Corporation 19
C O M P O S I T E S I N T R A N S P O R T A T I O N
PolyOne Corporation 20
W A T E R C R A F TR A I L H E A V Y T R U C K
Bulkheads and Transoms
Ceilings and Hatches
Doors and Cabinetry
Flooring
Door Panels
Side Walls
Flooring & Side Panels
Aerodynamic Fairings
Seat and Bunk
Reinforcements
PolyOne Corporation 21
Safety Technology Geography Service FinancialPeople
Low EH&S
risk profile
New and
complementary
technologies
Leverage our
global footprint
Strong
customer
relationships
Foundational
operating
margins of
8-10% with
ability to double
Motivated team
with a specialty
culture
I N V E S T - T O - G R O W M & A S T R A T E G Y
PolyOne Corporation 22
Capture
sourcing
synergies
Cross-sell
& blend
8-10%
operating
margins
I N V E S T - T O - G R O W M & A P L A Y B O O K
Protect
Retain
employees
Implement LSS to
drive efficiency
improvements
Innovate with
combined
portfolio
Safety
First!
https://www.avient.com/sites/default/files/resources/PolyOne%2520IR%2520Presentation%2520-%2520Goldman%2520Sachs%2520Basic%2520Materials%2520Conference%2520-%2520May%25202016.pdf
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 – 2015 2016 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
• Substantial EPS growth
from $0.13 to all-time
high of $1.96
• Shift to faster growing,
high margin, less
cyclical end markets
• Key acquisitions propel
current and future
growth, as well as
margin expansion
• Specialty mix expands
to 65% of Operating
Income – strongest mix
of earnings in history
• Deliver consistent
double digit annual
EPS growth
• Maintain >35% vitality
index
• Pursue strategic
acquisitions that
expand specialty
offerings and
geographic breadth
• Invest and grow
current and next
generation talent
PolyOne Corporation Page 5
Confirmation of Our Strategy
The World’s Premier Provider of Specialized
Polymer Materials, Services and Solutions
Specialization Globalization
Operational
Excellence
Commercial
Excellence
Associates
PolyOne Corporation Page 6
26 Consecutive Quarters of EPS Growth
PolyOne Corporation Page 7
2015 Revenues: $3.4 Billion
End Markets
2015 Revenues: $3.4 Billion
PolyOne
At A Glance
$0.12
$0.27 $0.21 $0.13
$0.68
$0.82
$1.00
$1.31
$1.80
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Adjusted EPS
66%
Building &
10%Electrical &
Textiles
$1.96
Distribution
29%
PP&S
CAI
23%
SEM
15%DSS
PolyOne Corporation Page 8
Old
PolyOne
*Operating Income excludes corporate charges and special items
43%
65%
0%
40%
80%
2005 2010 2015 2020
%
o
f O
pe
ra
tin
g
In
co
m
e*
JV's Performance Products & Solutions Distribution Specialty
80%+
Specialty OI $5M $87M $229M
Mix Shift Highlights Specialty Transformation
Transformation
2020
PolyOne Corporation Page 9
Color and Engineered Materials at the
Heart of Specialty Transformation
OPERATING MARGIN
1.7%
4.6% 5.1% 5.5%
7.2%
8.1%
12.2%
16.7% 17.0%
COLOR, ADDITIVES
AND INKS
1.1% 1.3%
3.4%
5.1%
9.6%
8.0%
8.6%
9.3%
12.1%
16.6%
SPECIALTY
ENGINEERED MATERIALS
PolyOne Corporation Page 10
2006 1Q 2016 2020
“Where we were” “Where we are” Platinum Vision
1) Operating Income %
Specialty:
Color, Additives & Inks 1.7% 17.0% 20%+
Specialty Engineered Materials 1.1% 16.6% 20%+
Designed Structures & Solutions N/A 2.5% (TTM) 8 – 10%
Performance Products &
Solutions 5.5% 11.9% 12 – 14%
Distribution 2.6% 6.5% 6.5 – 7.5%
2) Specialty Platform % of
Operating Income 6.0% 61% 80%+
3) ROIC* 5.0% 12.0% 15%
4) Adjusted EPS Growth N/A 22% Double Digit
Expansion
Proof of Performance & 2020 Goals
*ROIC is defined as TTM adjusted OI divided by the sum of average debt and equity over a 5 quarter period
PolyOne Corporation Page 11
Therma-Tech™ & Sheet
GEON™ Vinyl
Polymer ColorantsTherma-Tech™
TPE’s & Film
TPE + OnForce™
Gravi-Tech™
Page 11
Film
Target End Markets… Healthcare
PolyOne Corporation Page 12
TPE + OnForce
OnForce
TPE Vibration Dampening
(SEM/GLS)
TPE & Film
(SEM + DSS)
Polymer Colorants
(CAI)
Thermatech
Thermoplastic Elastomers
TPE + OnForce
OnForce
Thermoplastic Elastomers
Polymer Colorants
(CAI)
Sheet
(DSS)
Source: Outdoor Industry Association
Target End Markets… Outdoor High Performance
PolyOne Corporation Page 13
Sound & Vibration
Management
Fuel Handling
Systems
Interior & Exterior Trim
Structural Braces
& Brackets
Interior Structural
Components
Lighting
Air management
Electronics & Cameras
Fluid Handling
Target End Markets… Automotive
Underhood
Components
Roof Systems
PolyOne Corporation Page 14
Target End Markets… Packaging
PreservaPak™
OnColor™
Smart Batch™
VersaFlex™
TPE Cap Liner
ColorMatrix™
Amosorb™
Oxygen Scavenger
ColorMatrix™
Ultimate™ UV
Light Barrier
OnCap™
Laser Marking
Additives
PolyOne Corporation Page 15
Innovation Drives Earnings Growth
*Specialty Platform revenue from products introduced in last five years
$53
Research & Development
Spending
($ millions)
Specialty Platform
Vitality Index Progression*
34%
CAI & SEM
Gross Margin
43%
Target ≥ 35%
Innovation Pipeline Potential
PolyOne Corporation Page 16
2,883
2,414
Volume
(lbs in millions)
-16%
$103
$192
Commercial, R&D
and Marketing
Spending ($M)
+86%
$303
$721
Adjusted
Gross Profit ($M)
+138%
Ours is Not a Cost Cutting Story
PolyOne Corporation Page 17
Design and Service as a Differentiator
Right Material &
Color
Desired
Product Design
Appropriate
Manufacturing Process
Delivering Concept to
Commercialization
Connecting
the Dots with
iQ Design Labs and
InVisiO Color Design
PolyOne Corporation Page 18
Customer First Through World-Class Service
Strengthening relationships through:
Providing LSS services to small/medium sized customers
Providing training in Customer Centric Selling Skills with customers
World’s Best Business
Process Excellence
Program in 2012*
World’s Best Start-up
program for Lean Six Sigma
Deployment in 2009*
81%
93%
16.2%
On-Time Delivery
Working Capital % of Sales
52% of associates trained in LSS
Five consecutive years – CFO Magazine Best Working
Capital Management in the chemical industry
Commitment to Operational Excellence
PolyOne Corporation Page 19
30%
40%
50%
70%
80%
90%
2008 1Q 2016
Pension Funding**
As of March 31, 2016
Debt Maturities & Pension Funding
Net Debt / Adjusted EBITDA*= 2.5x
** includes US-qualified pension plans only*TTM 3/31/2016
$550
$600
$200
$300
$400
$500
$600
$700
$800
2022 2023
Debt Maturities
As of March 31, 2016
($ millions)
Coupon Rate: 3.750% 5.250%
PolyOne Corporation Page 20
Free Cash Flow and Strong Balance Sheet
Fund Investment / Shareholder Return
Expanding our sales,
marketing, and
technical capabilities
Investing in operational
and LSS initiatives
~75% of capital
expenditures fund
growth initiatives Organic
Growth
Acquisitions
Share
Repurchases
Dividends
$0.16
$0.20
$0.32
$0.40
$0.48
$0.10
$0.20
$0.30
$0.40
$0.50
2011 2012 2013 2014 2015 2016
Annual Dividend
Targets that expand
our:
• Specialty offerings
• End market
presence
• Geographic breadth
Synergy opportunities
Adjacent material
solutions
Repurchased
1.5 million shares in
Q1 2016
Repurchased 17.3
million shares since
early 2013
10.0 million shares are
available for
repurchase under the
current authorization
$0.24
PolyOne Corporation Page 21
The New PolyOne: A Specialty Growth Company
Why Invest In PolyOne?
https://www.avient.com/sites/default/files/resources/PolyOne%2520IR%2520Presentation%2520KeyBanc%2520Conference%2520-%2520September%252014%25202016.pdf
PolyOne Corporation Page 3
PolyOne Commodity to Specialty Transformation
2000-20052000-2005 2006 - 20092006 - 2009 2010 – 20152010 – 2015 2016 and
beyond
2016 and
beyond
• Steve Newlin
appointed, Chairman,
• Steve Newlin
appointed, Chairman,
• Substantial EPS growth
from $0.13 to all-time
high of $1.96
• Substantial EPS growth
from $0.13 to all-time
high of $1.96
• Deliver consistent
double digit annual
EPS growth
• Deliver consistent
double digit annual
EPS growth
• Volume driven,
commodity producer
• Volume driven,
commodity producer
pp , ,
President and CEO
• New leadership team
appointed
pp , ,
President and CEO
• New leadership team
appointed
• Shift to faster growing,
high margin, less
• Key acquisitions propel
• Shift to faster growing,
high margin, less
• Key acquisitions propel
• Maintain >35% vitality
index
• Pursue strategic
i iti th t
• Maintain >35% vitality
index
• Pursue strategic
i iti th t
• Heavily tied to
• Heavily tied to
cyclical end markets • Implementation of four
pillar strategy
• Implementation of four
pillar strategy
y q p p
current and future
growth, as well as
margin expansion
• Specialty mix expands
y q p p
current and future
growth, as well as
margin expansion
• Specialty mix expands
acquisitions that
expand specialty
offerings and
geographic breadth
acquisitions that
expand specialty
offerings and
geographic breadth
• Performance largely
dependent on non-
controlling joint
ventures
• Performance largely
dependent on non-
controlling joint
ventures
• Focus on value based
selling, investment in
commercial resources
and innovation to drive
transformation
• Focus on value based
selling, investment in
commercial resources
and innovation to drive
transformation
to 65% of Operating
Income – strongest mix
of earnings in history
to 65% of Operating
Income – strongest mix
of earnings in history
• Invest and grow
current and next
generation talent
• Invest and grow
current and next
generation talent
PolyOne Corporation Page 4
Confirmation of Our Strategy
SpecializationSpecialization GlobalizationGlobalization
Associates
Operational
Operational
Commercial
Commercial
Th W ld’ P i P id f S i li d
PolyOne Corporation Page 5
The World’s Premier Provider of Specialized
Polymer Materials, Services and Solutions
27 Consecutive Quarters of EPS Growth
PolyOne Corporation Page 6
PolyOne
At A Glance
2015 Revenues: $3.4 Billion2015 Revenues: $3.4 Billion 2015 Revenues: $3.4 Billion2015 Revenues: $3.4 Billion
7% PP&S
Distribution
29%
CAI
23%
SEM
%DSS
End MarketsEnd Markets Adjusted EPSAdjusted EPS
66% 15%DSS
End MarketsEnd Markets
$1.31
$1.80
Adjusted EPSAdjusted EPS
Textiles
$1.96
$0 27 $0 21
$0.68
$0.82
$1.00
$1.31
Building &
C
PolyOne Corporation Page 7
$0.12
$0.27 $0.21 $0.13
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
10%Electrical &
Mix Shift Highlights Specialty Transformation
Old
PolyOne
Transformation
2020
80%
nc
om
e*
pe
ra
tin
g
In
80%+
43%
65%
%
o
f O
2%0%
2005 2010 2015 2020
Specialty OI $5M $87M $229M Platinum
PolyOne Corporation Page 8
*Operating Income excludes corporate charges and special items
JV's Performance Products & Solutions Distribution Specialty
Color and Engineered Materials at the
Heart of Specialty Transformation
OPERATING MARGIN
16.7%
17.5%
20%+
COLOR, ADDITIVES
AND INKS
15 8%
20%+
SPECIALTY
ENGINEERED MATERIALS
12.2%
9.6% 9.3%
12.1%
15.8%
1 7%
4.6% 5.1% 5.5%
7.2%
8.1%
3.4%
5.1%
8.0%
8.6%
1.1% 1.3%
YTD YTD
PolyOne Corporation Page 9
Proof of Performance & 2020 Goals
2006 2Q 2016 2020
“Where we were” “Where we are” Platinum Vision
1) Operating Income %1) Operating Income %
Specialty:
Color, Additives & Inks 1.7% 18.0% 20%+
S i lt E i d M t i l 1 1% 14 9% 20%+Specialty Engineered Materials 1.1% 14.9% 20%+
Designed Structures & Solutions N/A 1.7% (TTM) 8 – 10%
Performance Products &
Solutions 5.5% 12.3% 12 – 14%
Distribution 2.6% 6.5% 6.5 – 7.5%
2) Specialty Platform % of
Operating Income 6.0% 61% 80%+
3) ROIC* 5.0% 12.0% 15%
4) Adjusted EPS Growth N/A 11% Double Digit
PolyOne Corporation Page 10
) j %
Expansion
*ROIC is defined as TTM adjusted OI divided by the sum of average debt and equity over a 5 quarter period
TPE’s & Film
Therma-Tech™ & Sheet
GEON™ Vinyl
TPE + OnForce™
Gravi-Tech™
Polymer ColorantsTherma-Tech™
Film
PolyOne Corporation Page 11Page 11
Target End Markets… Healthcare
OnForce
TPE + OnForce
TPE Vibration Dampening
(SEM/GLS)
Source: Outdoor Industry Association
TPE & Film
(SEM + DSS)
Thermoplastic Elastomers
TPE O F
Polymer Colorants
(CAI)
Thermatech
TPE + OnForce
OnForce
Thermoplastic Elastomers
Sheet
(DSS)
Polymer Colorants
(CAI)
PolyOne Corporation Page 12
Target End Markets… Outdoor High Performance
Sound & Vibration
Management
Roof Systems
Management
Interior & Exterior Trim
Interior Structural
Components
Fuel Handling
Underhood
Components
g
SystemsAir management
Electronics & Cameras
Structural Braces
& Brackets
Lighting
Fluid Handling
PolyOne Corporation Page 13
Target End Markets… Automotive
ColorMatrix™
Amosorb™
ColorMatrix™
Ultimate™ UV
Oxygen Scavenger
Ultimate UV
Light Barrier
PreservaPak™
OnColor™
Smart Batch™
OnCap™
Laser Marking
Additives
VersaFlex™
TPE Cap Liner
PolyOne Corporation Page 14
Target End Markets… Packaging
Innovation Drives Earnings Growth
$53
Research & Development
Spending
($ millions)
Specialty Platform
Vitality Index Progression*
34%
CAI & SEM
Gross Margin
Target ≥ 35%
$20
$53
43%
*Specialty Platform revenue from products introduced in last five years
2006 2015 2006 20152006 2015
Innovation Pipeline PotentialInnovation Pipeline Potential
PolyOne Corporation Page 15
Ours is Not a Cost Cutting Story
VolumeCommercial, R&D Adjusted
2,883
Volume
(lbs in millions)
$192
Commercial, R&D
and Marketing
Spending ($M)
$721
Adjusted
Gross Profit ($M)
-16%
+86%
+138%
2,414$103
$303
2006 20152006 2015 2006 2015
PolyOne Corporation Page 16
Design and Service as a Differentiator
Right Material &
Color
Desired
Product Design
Appropriate
Manufacturing Process
Connecting
Delivering Concept to
Commercialization
Connecting
the Dots with
iQ Design Labs and
InVisiO Color Design
PolyOne Corporation Page 17
CommercializationInVisiO Color Design
Customer First Through World-Class Service
Strengthening relationships through:
Providing LSS services to small/medium sized customers
Providing training in Customer Centric Selling Skills with customers
On-Time Delivery Commitment to Operational Excellence
World’s Best Business
Process Excellence
Program in 2012*
World’s Best Start-up
program for Lean Six Sigma
Deployment in 2009*
81%
93%
2006 2015
Working Capital % of Sales
16.2%
52% of associates trained in LSS
PolyOne Corporation Page 18
2006 2015
Five consecutive years – CFO Magazine Best Working
Capital Management in the chemical industry
Debt Maturities & Pension Funding
102%
Pension Funding**
As of June 30, 2016
$700
$800 Debt Maturities
As of June 30, 2016
($ millions)
80%
90%
$547
$600
$600
$700
70%
$500
50%
$300
$400
30%
2008 2Q 2016
$200
2022 2023
Coupon Rate: LIBOR + 2 75% 5 250%
PolyOne Corporation Page 19
Net Debt / Adjusted EBITDA*= 2.3x
** includes US-qualified pension plans only*TTM 6/30/2016
Coupon Rate: LIBOR + 2.75% 5.250%
(3.50%)
Free Cash Flow and Strong Balance Sheet
Fund Investment / Shareholder Return
Expanding our sales,
marketing, and
technical capabilities
Investing in operational
Repurchased 17.3
million shares since
early 2013
10 0 million shares are Investing in operational
and LSS initiatives
~75% of capital
expenditures fund
growth initiatives Organic
Gro th
Share
Rep rchases
10.0 million shares are
available for
repurchase under the
current authorization
Growth Repurchases
Acquisitions Dividends
Annual Dividend
Targets that expand
our:
• Specialty offerings
• End market
$0.32
$0.40
$0.48
$0.30
$0.40
$0.50
• End market
presence
• Geographic breadth
Synergy opportunities
Adjacent material $0.24
PolyOne Corporation Page 20
$0.16
$
$0.10
2011 2012 2013 2014 2015 2016
solutions
Why Invest In PolyOne?
https://www.avient.com/sites/default/files/resources/PolyOne%2520IR%2520Presentation%2520-%2520Morgan%2520Stanley%2520Conference.pdf
V I S I O N
PolyOne Corporation 4
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 IntegrityRespect
Operational
Excellence
Commercial
Excellence
Specialization
Globalization
Collaboration ExcellenceInnovation
To be the world’s
premier provider of
specialized polymer
materials, services
and solutions
S A F E T Y F I R S T
PolyOne Corporation 5
1.3
1.1 1.1
0.85
0.65
0.57
0.54
0.97
0.84
0.74 0.74
0.69
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Injuries per 100 Workers
Spartech
Acquisition
PolyOne Corporation 6
P O L Y O N E
2 0 1 7 R E V E N U E | $ 3 . 2 B I L L I O N
9%
United States
59%
14%
10%
Latin
America
9%
Canada
PolyOne
Distribution
34%
Performance Products &
Solutions 21%
Specialty
Engineered
Materials
19%
Color
Additives &
Inks 26%
Segment End Market Geography
Building &
Construction
Electrical &
Electronics
2009 2010 2011 2012 2013 2014 2015 2016* 2017*
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 7
8
$0.13
$0.68
$0.82
$1.00
$1.31
$1.80
$1.96
$2.06
$2.21
*Pro Forma for sale of DSS
“Where we were” “Where we are”
ROIC** 5.0% 14.0%
Operating Income
% of Sales
Color, Additives & Inks 1.7% 15.5%
Specialty Engineered
Materials 1.1% 12.1%
Performance Products
& Solutions 4.3% 10.7%
Distribution 2.6% 6.3%
**ROIC is defined as TTM adjusted OI after tax divided by the sum of average debt and equity less cash over a 5 quarter period
A D J U S T E D E P S E X P A N S I O N
S U S T A I N A B L E P A T H T O D O U B L E - D I G I T E P S G R O W T H
PolyOne Corporation 8
P E O P L E P R O D U C T S P L A N E T P E R F O R M A N C E
Double digit
annual EPS
growth
Expand specialty portfolio
with strategic acquisitions
Innovate and develop new
technologies and services
Repurchase 600K-1M
shares annually
Increase commercial
resources 6-8% annually
Double acquired
company margins
Enhance efficiencies
through Lean Six Sigma
and commercial excellence
531
680130
153
504
618
2014 Q1 2018
R&D / Technical Marketing Sales
PolyOne Corporation 9
Increased commercial headcount
+ 28%
+ 18%
+ 23%
Generating opportunities
35% more sales calls
25% more marketing campaigns
1,000 new customers, expanding
customer base by 5%
$1.0B increase in new opportunities
Enhancing efficiency
8% reduction of average territory
size, enabling greater
customer focus
20% more prospecting calls
I N V E S T M E N T I N COMMERCIAL RESOURCES D R I V I N G G R O W T H
Lead
Specialists
T H E E V O L V I N G C U S T O M E R R E L A T I O N S H I P
PolyOne Corporation 10
Expanded Path
Traditional Path
Strategic Accounts/
Field Sales
Business
Development
Customer
Service
Web and Social
Media
Inside Sales
PolyOne Corporation 11
Investments in digital and dedicated inside sales to
improve customer experience
80% increase in leads (from 6,000 to 11,000) driven
by website, phone, and online chat
EXPANDED PATH
A D D I N G C U S T O M E R T O U C H P O I N T S
4
21
Inside sellers
$11M
$88M
Inside sales/digital revenue
N E W R E S O U R C E S F U E L I N G T H E F U T U R E
PolyOne Corporation 12
P O L Y O N E
S A L E S
F U N N E L
+34%
$3.0 billion
$4.0 billion
A L I G N I N G W I T H T R E N D S F O R G R O W T H
T R A N S P O R T A T I O N P A C K A G I N G H E A L T H C A R E C O N S U M E R
PolyOne Corporation 13
Facilitate
alternative
energy
solutions
Light-
weighting
Reduce
packaging
materials
Improve
recyclability
Reduce
spread of
infection
I N N O V A T I O N
PolyOne Corporation 14
Customization
55%
M&A
30%
Innovation
Pipeline
Innovation comes from Research & Development Spend
($ millions)
Vitality Index
% of sales from products launched last 5 years
38%
$20
$52
Transformational
Opportunity for Growth
Through M&A
Adjacent
Opportunity for
Growth Through New
Product Pipeline
Core
Customization
3 H O R I Z O N S O F D E V E L O P M E N T
PolyOne Corporation 15
Incremental
development
from existing
base of
technology
New development
adjacent to current
New technology
development
outside of and with
our current base
Service adjacent
markets and
Create new
markets, target
new customer
needs
Service existing
markets and
Market
Technical
I N N O V A T I O N
Non-Halogen Flame
Retardants
Barrier Technologies
Fiber Colorants
Advanced Composites
Thermoplastic Elastomers
Gordon Composites/
Polystrand – Composites
GLS – Thermoplastic Elastomers
ColorMatrix – Liquid
Color & Additives
I N N O V A T I O N P I P E L I N E
PolyOne Corporation 16
PrototypeFrame
Opportunity
Scale-up & Test
Market
Build
Business Case
Commercial
Launch
(since 2015)
Phase 1 Phase 2 Phase 3 Phase 4 Phase 5
8
6
2 1
15 4
10
11
4
7
Breakthrough
Platform
Derivative
Number of Projects 26 16 20 15 2 79
Total Addressable Market
($ millions)
- - $1,230 $1,170 $440 $2,840
F L A M E
R E T A R D A N T
P O L Y M E R S
A D V A N C E D
C O M P O S I T E S
B A R R I E R
M A T E R I A L S
C O L O R A N T
T E C H N O L O G I E S
T H E R M O P L A S T I C
E L A S T O M E R S
I N N O V A T I O N S P O T L I G H T :
C O M P O S I T E S
PolyOne Corporation 17
C O M P O S I T E S R E F R E S H E R
PolyOne Corporation 18
Polymer
Composite
Strength
Design Flexibility
Continuous
Fiber
Thermoset
Short Glass
Fiber
Thermoplastics
Continuous Fiber
Long Glass Fiber
Thermoplastics
S T R A T E G I C I N V E S T M E N T H I S T O R Y
PolyOne Corporation 19
Acquired
Polystrand
Installed LFT
production
Avon Lake
Long Fiber
Thermoplastic
(LFT)
Technology
Installed
LFT
production
Barbastro,
Spain
Acquired
Glasforms
Acquired
Gordon
Thermoplastic
Long Fiber Reinforced Thermoplastics
Continuous Fiber Thermosets
2010 2012 2015 2016 20162009 20122011 2014
C O M P O S I T E S I N T R A N S P O R T A T I O N
PolyOne Corporation 20
W A T E R C R A F TR A I L H E A V Y T R U C K
Bulkheads and Transoms
Ceilings and Hatches
Doors and Cabinetry
Flooring
Door Panels
Side Walls
Flooring & Side Panels
Aerodynamic Fairings
Seat and Bunk
Reinforcements
PolyOne Corporation 21
Safety Technology Geography Service FinancialPeople
Low EH&S
risk profile
New and
complementary
technologies
Leverage our
global footprint
Strong
customer
relationships
Foundational
operating
margins of
8-10% with
ability to double
Motivated team
with a specialty
culture
I N V E S T - T O - G R O W M & A S T R A T E G Y
PolyOne Corporation 22
Capture
sourcing
synergies
Cross-sell
& blend
8-10%
operating
margins
I N V E S T - T O - G R O W M & A P L A Y B O O K
Protect
Retain
employees
Implement LSS to
drive efficiency
improvements
Innovate with
combined
portfolio
Safety
First!
https://www.avient.com/sites/default/files/2021-06/avient-ir-presentation-june-2021-w-non-gaap-recs_0.pdf
These investments also
consider our global footprint, and we are positioned very well and
strategically from a regional perspective.
12
Growth Drivers
2020
Revenue
($ Millions)
Long-Term
Growth Rate
Sustainable Solutions $ 560 8–12%
Healthcare 555 8–10%
Composites / 5G 212 10%
Growth in Emerging Regions 672 5%
Other (GDP growth) 1,784 2–3%
Pro Forma Avient $ 3,783 6.5%
Q 1 2021 P E RFO R MA N CE
U P DAT E
$86
$123
$0.53
$0.89
Q1 2021 – ORGANIC PERFORMANCE
14
Sales Adjusted Operating Income
$991
$1,162
+ 17%
+ 43% + 68%
(1) (1) (1)
Q1 2021 SEGMENT PERFORMANCE
15
CAI
$536
$609
($ in millions)
SEM Distribution
$64
$89
+14%
+39%
$290
$363
$19
$24
+25%
+26%
$185
$217
$22
$34
+17%
+55%
SPECIALTY EBITDA MARGIN EXPANSION
16
CAI
(1) 2018-2020 financial information is pro forma to include a full year of Clariant Masterbatch business acquisition
15.3% 15.2%
16.2%
19.1%
2018 2019 2020 Q1 2021
14.8% 15.2%
17.6%
19.4%
2018 2019 2020 Q1 2021
SEM
• Continued portfolio transformation to
high-growth end markets and
sustainable solutions
• Clariant Masterbatch synergy realization
• Investments in composites and outdoor
high performance applications drive
growth and mix improvements
CAI EBITDA MARGIN EXPANSION
17
Legacy CAI
18.9% 18.9%
21.0%
2019 2020 Q1 2021
Legacy
11.9%
13.8%
17.4%
2019 2020 Q1 2021
• Early synergy capture translating to
the bottom line
• Positive mix with growth in healthcare,
consumer and packaging end-markets
• World-class vitality index of 36%
represents sales from products
introduced in the last five years.
https://www.avient.com/sites/default/files/2025-03/2025 Proxy Statement.pdf
Goff 68 2011 Yes M C
Neil Green 55 2021 Yes M M
William R.
Director since: 2011
Age: 68
Current Public Company
• None
Current Non-Public Company
• X-Energy Reactor Company,
LLC
• Engine No. 1
Former Directorships:
• Enbridge Inc
PROXY STATEMENT 2025 | Annual Meeting of Shareholders 68
Retirement Benefits
The Avient Supplemental Retirement Benefit Plan that is made available to all of our Named Executive Officers
has provisions relating to the termination of employment with Avient.