https://www.avient.com/sites/default/files/2021-06/fl.us-.datasheet-kevlar-para-aramid.pdf
Key Features • High strength to weight ratio • Low elongation to break • Good heat & flame resistance • Good chemical resistance • High cut resistance • Excellent ballistic properties Disadvantages • Kevlar® suffers from UV degradation, which causes strength loss and discoloration • Propensity to absorb moisture, up to 5% moisture regain • Poor compressive force properties FIBER-LINE® PROCESS FOR KEVLAR® • Coating • Twisting • Extrusion • Pultrusion • Precision Winding FIBER-LINE® KEVLAR® PRODUCTS • Ripcords • Strength Members • Industrial Fabric Yarn • Swellcoat® Binder Yarn in between strength members and industrial fabric yarn • Belt & Hose Reinforcement Yarn • Packing Yarn • Wire Harness Yarn • Synthetic Wire Rope • Kevlar® Distribution Program Property UOM Value Breaking Tenacity g/d 23.6 Specific Gravity Ratio 1.44 Elongation @ Break % 2.5 Tensile Modulus g/d 885 Moisture Regain* % 5.0 Creep** %
https://www.avient.com/sites/default/files/2021-04/additives-listing.pdf
IV BUILDERS FOR SHEET EXTRUSION Challenge: Melt viscosity is negatively impacted by multiple heat cycles.
https://www.avient.com/sites/default/files/2024-03/AVNT February IR Presentation_w_Non-GAAP Recs_v2.pdf
PY (TOTAL COMPANY) $790 $719 2022 2023 $107 $114 2022 2023 Sales Adjusted EBITDA (in millions) $0.42 $0.52 2022 2023 Adjusted EPS (in millions) - 9% + 7% + 24% Sales Adjusted EBITDA Adjusted EPS 15 Q4 2023 SEGMENT PERFORMANCE 16 CAI $491 $459 Sales (in millions) $70 $84 EBITDA SEM $301 $260 Sales $55 $49 EBITDA - 7% - 14%+20% - 11% 2022 2023 (in millions) Q4 EBITDA BRIDGE (TOTAL COMPANY) 17 $ millions CAI: Price / Mix 11 Deflation 14 SEM: Price / Mix 4 Deflation 9 Net Price Benefit 38 Cost Reductions 13 Wage Inflation (8) Other (2) Q4 2023 $114 Adjusted EBITDA Q4 2022 $ 107 Demand (34) • Demand was down, but less than in previous quarters, due to slowing pace of destocking • Positive net price benefit: o CAI – Pricing flat with favorable mix from uptick in packaging and consumer end markets and raw material deflation o SEM - Pricing flat with favorable mix from Composites and raw material deflation • Cost reductions primarily driven by reduced administrative costs and cost synergies 2024 G U I DAN CE 2024 GUIDANCE Full Year 2024 Guidance Adjusted EBITDA $505 to $535 million Adjusted EPS $2.40 to $2.65 Interest Expense $105 to $110 million Adjusted Effective Tax Rate 23% to 25% Capital Expenditures ~$140 million 19 Q1 Adjusted EPS of $0.68 AP P E N DI X 21 Performance Additives 15% Pigments 13% TiO2 9% Dyestuffs 2% Polyethylene 10%Nylon 5% Polypropylene 4% Styrenic Block Copolymer 4% Other Raw Materials 38% ~40% hydrocarbon based (Grey shaded materials are hydrocarbon based, includes portion of “Other Raw Materials”) Non-hydrocarbon based materials RAW MATERIAL BASKET SEGMENT DATA U.S. & Canada 41% EMEA 36% Asia 18% Latin America 5% 2023 SEGMENT, END MARKET AND GEOGRAPHY GEOGRAPHY REVENUESEGMENT FINANCIALS Consumer 19% Packaging 23%Industrial 16% Building and Construction 9% Telecommunications 4% Energy 5% Defense 7% END MARKET REVENUE $2,007M $358M $1,138M $224M Sales EBITDA Specialty Engineered Materials Color Additives and Inks $502M$3,143M (1) Transportation 10% Healthcare 7% 23 (1) Total company sales and adjusted EBITDA of $3,143M and $502M, respectively, include intercompany sales eliminations and corporate costs 2023 REVENUE | $2 .0 BILLION US & Canada 34% EMEA 37% Asia 21% Latin America 8% END MARKET REGION 24 Packaging 34% Consumer 21% Healthcare 8% Industrial 15% Transportation 9% Building & Construction 10% Telecommunications 1% Energy 2% COLOR, ADDITIVES & INKS 2023 REVENUE | $1 .1 BILLION US & Canada 52% EMEA 35% Asia 13% 25 Packaging 5% Consumer 16% Healthcare 6%Industrial 16% Transportation 12% Telecommunications 9% Energy 10% Defense 18% Building & Construction 8% END MARKET REGION SPECIALTY ENGINEERED MATERIALS Packaging 32% Consumer 26% Healthcare 9% Industrial 13% Building & Construction 6% Telecommunications 2% Energy 2% Defense 1% Asia (18% of sales) Transportation 9% 2023 AVIENT REGIONAL SALES Packaging 25% Consumer 13% Healthcare 5% Industrial 18% Building & Construction 9% Energy 5% Defense 8% EMEA (36% of sales)Transportation 13% Packaging 13% Consumer 22% Healthcare 10% Industrial 16% Building & Construction 12% Energy 6% Defense 8% US & Canada (41% of sales) Transportation 9% Packaging 59% Consumer 22% Healthcare 2% Industrial 8% Building & Construction 4% LATAM (5% of sales) Transportation 5% Telecommunications 4% Telecommunications 4% 26 BY END MARKET Reconciliation of Non-GAAP Financial Measures (Unaudited) (Dollars in millions, except for per share data) Senior management uses comparisons of adjusted net income from continuing operations attributable to Avient shareholders and diluted adjusted earnings per share (EPS) from continuing operations attributable to Avient shareholders, excluding special items, to assess performance and facilitate comparability of results.
Free Cash Flow Calculation December 31, 2023 Cash provided by operating activities $ 201.6 Taxes paid on gain on sale of business 104.1 Adjusted cash provided by operating activities $ 305.7 Capital expenditures $ (119.4) Free cash flow $ 186.3 2 Three Months Ended December 31, Year Ended December 31, 2023 2022 2023 2022 Sales: Color, Additives and Inks $ 459.4 $ 490.8 $ 2,007.4 $ 2,355.0 Specialty Engineered Materials 259.8 300.8 1,138.2 1,044.4 Corporate (0.2) (1.2) (2.8) (2.5) Sales $ 719.0 $ 790.4 $ 3,142.8 $ 3,396.9 Operating income: Color, Additives and Inks $ 61.8 $ 44.3 $ 259.9 $ 301.0 Specialty Engineered Materials 29.4 35.2 142.5 140.1 Corporate (48.1) (79.1) (205.6) (197.8) Operating income $ 43.1 $ 0.4 $ 196.8 $ 243.3 Other expense, net: $ 4.3 $ (28.4) $ 5.8 $ (59.7) Depreciation & amortization: Color, Additives and Inks $ 22.2 $ 25.2 $ 98.3 $ 101.3 Specialty Engineered Materials 19.8 20.3 81.5 48.7 Corporate 2.2 3.1 9.0 12.5 Depreciation & amortization $ 44.2 $ 48.6 $ 188.8 $ 162.5 Earnings before interest, taxes, depreciation and amortization (EBITDA): Color, Additives and Inks $ 84.0 $ 69.5 $ 358.2 $ 402.3 Specialty Engineered Materials 49.2 55.5 224.0 188.8 Corporate (45.9) (76.0) (196.6) (185.3) Other expense, net $ 4.3 $ (28.4) $ 5.8 $ (59.7) EBITDA $ 91.6 $ 20.6 $ 391.4 $ 346.1 Special items in EBITDA 22.3 86.8 110.4 162.5 EBITDA - excluding special items $ 113.9 $ 107.4 $ 501.8 $ 508.6 APM pro forma adjustments - 8 months 2022* — — — 83.1 Pro forma EBITDA $ 113.9 $ 107.4 $ 501.8 $ 591.7 * Pro forma adjustment for January - August 2022 APM results (period before Avient ownership). 3 AVNT February IR Presentation_w_Non-GAAP Recs.pdf AVNT February IR Presentation.pdf Avient corporation�investor presentation DISCLAIMER Slide Number 3 Creating a world-class�sustainable organization Top-tier sustainability performance�and recognition Slide Number 6 Slide Number 7 Portfolio transformation Slide Number 9 END MARKET observations�(% of company sales) Regional observations�(% of company sales) Slide Number 12 Slide Number 13 Slide Number 14 Slide Number 15 Slide Number 16 Slide Number 17 Slide Number 18 Slide Number 19 Slide Number 20 Slide Number 21 Slide Number 22 2023 segment, end market and Geography Color, Additives & Inks Specialty Engineered Materials Slide Number 26 AVNT Q4 2023 Earnings Presentation.pdf AVNT Q4 2023 Earnings Presentation_For Website_with Non-GAAP.pdf IR Deck - AVNT-2023.12.31 (2.12.24 9PM Milestone February 12 0905 pm).pdf Attachment 3.26.24 - Public Lender Presentation Non-GAAP Attachments (005).pdf
https://www.avient.com/sites/default/files/2022-11/AVNT Q3 2022 Earnings Presentation - Website Final.pdf
Purchase price multiple rapidly declining on strength of business and synergy capture 7 $133 $201 2019PF 2022E 7 Clariant Color EBITDA Growth Purchase Price Multiple 10.8x 7.0x 6.4x 2019PF 2021 2022E w/ Full Synergies (1) (1) 11.9% 16.3% 2019PF 2022E EBITDA Margins (1) CLARIANT COLOR: TRANSFORMATIONAL ACQUISITION ($ in millions) (1) Financial information is pro forma to include a full year of Clariant Color business SUNBELT PVC Resins DSS 20 Acquisitions $4.8B Investment $2.7B of Annual Revenue 5 Divestments $2.3B Proceeds TPE PP&S HISTORIC SPECIALIZATION THROUGH M&A 8 Distribution DSM Protective Materials BOLT-ON ACQUISITION HISTORY 9 Commercial Resources Operating Income ($ in millions) Operating Margins 259 363 At Acquisition 2022E $40 $139 At Acquisition 2022E 9% 22% At Acquisition 2022E Established Acquisitions (> 7 years) + 40% + 248% + 1300 bps I N V E S T T O G R O W SPECIALTY TRANSFORMATION T O D A Y 7% 46% 67% 86% 100% 0% 20% 40% 60% 80% 100% 2005 2010 2019 2021 2022 PF % o f A d ju st ed E B IT D A • Commodity JVs • Distribution • Performance Products & Solutions • Specialty Businesses (1) Adjusted EBITDA is EBITDA excluding corporate costs and special items (2) Pro forma for the acquisition of Dyneema® and divestiture of Distribution (1 ) (2) 10 Healthcare 4% Packaging 8% Consumer 10% Building & Construction 43% Industrial 15% Transportation 14% Energy 4% Telecom. 2% 2006 2022 Pro Forma Healthcare 8% Packaging 23% Consumer 21% Building & Construction 10% Industrial 15% Transportation 9% Energy 4% Telecom. 4% Defense 6% END MARKET FOCUS ON LESS CYCLICAL INDUSTRIES 11 14.8% 17.6% 21.0% 2018 2020 2022 PF 1.8% 2006 15.3% 16.2% 17.0% 2018PF 2020PF 2022E CAI 2.7% 2006 SEM SPECIALTY EBITDA MARGIN EXPANSION 12 • Portfolio transformation accelerates growth in less cyclical, higher margin end markets • Investments in our composites platform continue to drive margin expansion (1) (1) (1) 2018 and 2020 financial information is pro forma to include a full year of Clariant Color acquisition PORTFOLIO EVOLUTION OVER THE YEARS 13 Adj.
EBITDA Margins (1) • Focus on organic growth combined with transformative and bolt-on acquisitions • Divested commodity businesses tied to more cyclical end markets • Expanded presence in high growth areas of sustainable solutions, specialty healthcare applications, composites and more resilient end markets 5.4% 11.5% 16.1% 2006 2018 2022PF $142 $408 $585 2006 2018 2022PF 2006 figures exclude joint venture results 14 RETURNING CASH TO SHAREHOLDERS Growing Dividend 0.1 0.1 0.2 0.5 0.6 0.7 0.8 0.9 0.9 1.0 1.0 1.0 11 12 13 14 15 16 17 18 19 20 21 22 0.16 0.20 0.26 0.34 0.42 0.50 0.58 0.72 0.79 0.81 0.85 0.95 0.99 11 12 13 14 15 16 17 18 19 20 21 22 23 ~$1Bn REPURCHASED OVER LAST 11 YEARS ~$550MM PAID OVER LAST 11 YEARS Dividends Share Repurchases Cumulative Buybacks $B n $ p e r sh ar e $2.95 2022 PRO FORMA ADJUSTED EPS Earnings Growth Expanding Profitability $0.15 $1.09 $2.08 $2.67 $2.95 2009 2012 2015 2018 2022PF T H IR D Q UART ER 2022 RE S U LTS $110 $119 2021 2022 $0.61 $0.59 2021 2022 Q3 2022 PERFORMANCE (TOTAL COMPANY CONT.
Ops Pro Forma Adjusted EPS (in millions) (in millions) 20 SUMMARY • Executed the plans we laid out earlier this year • Completed the Dyneema acquisition and Distribution divestiture amid challenging market conditions • Paid down debt and expect to finish the year modestly levered at 3.1x net debt to 2022 pro forma adjusted EBITDA • Expect $200 million of free cash flow in 2022 • Entering an economic slowdown with a portfolio that is better positioned than ever before • Updated our EPS guidance to $2.60 from continuing operations SEGMENT DATA U.S. & Canada 40% EMEA 35% Asia 20% Latin America 5% 2022 PRO FORMA SEGMENT, END MARKET AND GEOGRAPHY GEOGRAPHY REVENUESEGMENT FINANCIALS Consumer 21% Packaging 23% Industrial 15% Building and Construction 10% Telecommunications 4% Energy 4% Defense 6% END MARKET REVENUE (1) Total company adjusted EBITDA of $585M includes corporate costs.
https://www.avient.com/sites/default/files/2020-08/2020-hammerhead-application-install-guide.pdf
MARINE PLYWOOD Hammerhead™ panels are three times lighter than marine plywood MOISTURE ABSORPTION % weight change due to water absorption for selected composites and marine plywood 10000 60000 110000 160000 210000 260000 310000 360000 0.5 0.75 1 1.25 1.5 F le x u ra l R ig id it y - lb / in 2 Panel Thickness - in Hammerhead™ 5.3lb/in^3 Core Density Hammerhead™ 8.4lb/in^3 Core Density Plywood — Hammerhead™ 5.3 lb/ft3 Core Density — Hammerhead™ 8.4 lb/ft3 Core Density — Marine Plywood 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 0 10 20 30 40 50 60 70 80 90 100 % W e ig h t C h a n g e Immersion Time - Days .50" Hammerhead™ .75" Hammerhead™ 1" Hammerhead™ 1.50" Hammerhead™ .50" marine plywood .75" marine plywood 1" marine plywood Fl ex ur al R ig id ity - lb -in 2 INSTALLATION INSTRUCTIONS CUTTING & DRILLING Recommended blade: Industrial fine cut-off saw blade, 10" x 80 teeth 38° ATB grind with 5/8" bore, PTFE coating Recommended router bits: 3/8" diameter, 4 flute TiAlN (titanium aluminum nitride) coated carbide bit FORMING Apply localized 400˚F heat at a length proportional to the panel thickness (see equation below) and bend to shape.
Heat Length = π 2 * Thickness Radius = S B S T = 400°F B S GL AS S/ EP OX Y TA B M AT ER IA L TAB TESTING OF VARIOUS INSTALLATION METHODS Hammerhead™ PETG Laminate Hammerhead™ PETG Laminate BOTTOM PANEL LEG LENGTH BREAK STRENGTH (LBS) PETG Skins with Plywood Core 1 in 1.5 in 2 in 2400 2820 2748 Hammerhead™ with 5.3 lb/ft3 Core Density 2 in 665 Hammerhead™ with 8.4 lb/ft3 Core Density 2 in 1084 Marine Plywood 2 in 770 Glass/Epoxy with Plywood Core 2 in 1055 Glass/Polyester with Balsa Core 2 in 919 L-Bracket Installation Hammerhead™ PETG Laminate Hammerhead™ PETG Laminate BOTTOM PANEL LEG LENGTH BREAK STRENGTH (LBS) PETG Skins with Plywood Core 2 in 2375 Marine Plywood 2 in 770 Glass/Polyester with Balsa Core 2 in 797 U-Channel Installation N O T AB BOTTOM PANEL LEG LENGTH BREAK STRENGTH (LBS) Hammerhead™ with 5.3 lb/ft3 Core Density 2 in 420 Hammerhead™ with 8.4 lb/ft3 Core Density 2 in 332 Marine Plywood 2 in 984 Glass/Polyester with Balsa Core 2 in 1298 Hammerhead™ with 5.3 lb/ft3 Core Density - ITW Plexus MA420 Adhesive NA 501 Hammerhead™ with 8.4 lb/ft3 Core Density - ITW Plexus MA420 Adhesive NA 1156 Hammerhead™ with 8.4 lb/ft3 Core Density - Crestomer 1152PA Adhesive NA 1530 Hammerhead™ with 8.4 lb/in3 Core Density - Crestomer M1-30 Adhesive NA 1471 Mixed Conditions ITW Plexus MA420 adhesive was used in all tab testing installations except where noted.
https://www.avient.com/sites/default/files/resources/Novel_Thermoplastic_elastomers_for_overmolding_applications.pdf
Especially with insert molding, the hot thermoplastic elastomer should be capable of melting a few nanometers of the rigid surface implying efficient heat transfer between the molten TPE to the rigid substrate.
The percent of change in tensile strength, elongation, modulus, and tear strength after heat aging is nominal.
https://www.avient.com/sites/default/files/2023-02/PH - 15701960 AVIENT ASSESSE ISO 14001.pdf
Certification cycle start date: 22 February 2023 Subject to the continued satisfactory operation of the organization’s Management System, this certificate expires on: 10 January 2026 Expiry date of previous cycle: : 10 January 2023 Certification audit date: 21 November 2022 Original certification date: 11 January 2017
https://www.avient.com/sites/default/files/2020-07/ISO 14001 - 14 March 2026.pdf
F-27, MIDC, Ranjangaon, Shirur, Pune, Maharashtra 412 220 India ISO 14001:2015 The Environmental Management System is applicable to: Certificate No: 55688 Certification Date: 15 March 2017 Effective Date: 09 March 2023 Expiration Date: 14 March 2026 Revision Date: 21 March 2023 Dominic Townsend, President DESIGN MANUFACTURE OF COLOR MASTER BATCHES, ADDITIVES CONCENTRATES AND SPECIALTY COMPOUNDS This certificate may be found on the ABS QE Website (www.abs-qe.com).
https://www.avient.com/sites/default/files/2020-09/versaflex-pf-technical-bulletin-sept-2020-pt-br.pdf
VERSAFLEX™ PF Camada de aderência para para películas protetoras de superfície BOLETIM TÉCNICO Propriedades Versaflex PF MD6727 Versaflex PF DM6741 Versaflex PF DM6649 Versaflex PF 9512 Versaflex PF MD6666 Versaflex PF DM6748 Versaflex PF DM6700 Características Baixa aderência Baixa aderência; usado para personalizar aderência com MD6700 Aderência de baixa a média Oferta de valor Aderência média Gel/resíduos baixos Estrutura de baixa aderência Alta aderência Resistência a descolamento Baixa Baixa a média Média Média a alta Média a alta Alta Alta Aplicações Películas ópticas Eletrodomésticos Plásticos Construção/metais expostos Metais acabados Aço/metais pintados Metais expostos MFR a 190 °C/2,16 kg -- 4,5 17 5,4 21 4,8 6,5 MFR a 230 °C/2,16 kg 10 20 -- -- -- -- -- Gravidade específica, g/cc 0,92 0,91 0,92 0,92 0,94 0,94 0,94 Dureza, Shore A 50 49 37 38 37 31 30 G' a 23°C, Pa 28,0 x 105 10,4 x 106 8,3 x 105 -- 9,9 x 105 11,8 x 105 10,0 x 105 DMA Tg, °C -29 -30 -9 10 11 15 21 Película LDPE/Versaflex PF1 Descolamento de 180°, N/25 mm Aço inoxidável após 20 min a 25 °C 0,5 2,2 3,2 6,1 6,7 8,5 8,6 após 7 dias a 25°C 0,6 2,7 4,3 5,5 8,2 8,3 10,3 PMMA2 após 20 min a 25 °C 1,1 1,7 3,8 4,9 6,9 8,3 8,8 após 20 min a 75 °C 2,8 4,1 5,1 6,9 9,0 10,7 11,8 após 7 dias a 75°C 4,0 4,4 5,9 9,8 8,4 9,8 10,3 Policarbonato3 após 20 min a 25 °C 1,4 2,2 3,8 6,8 6,3 8,4 7,0 após 20 min a 75 °C 3,4 4,8 6,7 8,8 8,8 10,0 11,8 após 7 dias a 75°C 4,6 6,5 7,5 10,6 11,6 10,6 13,8 1 Espessura da película: LDPE 51 mícrons/Versaflex PF 25 mícrons 2 Arkema Plexiglas™ V052-100 (Plexiglas é uma marca comercial da Arkema France Corp). 3 Sabic Lexan™ L52-111 (Lexan é uma marca comercial da Sabic Innovative Plastics) PROPRIEDADES FÍSICAS DE FORMULAÇÕES DE CAMADA DE ADERÊNCIA VERSAFLEX PF SELECIONADAS DESCRIÇÃO DO PRODUTO As formulações Versaflex™ PF são especialmente desenvolvidas para a fabricação de películas protetoras de superfície coextrudadas de fácil aplicação, mantêm a aderência com espessura mínima, descolam suavemente e são removidas completamente, sem nenhum ou com pouco resíduo.
https://www.avient.com/sites/default/files/2020-09/versaflex-pf-technical-bulletin-sept-2020.pdf
TECHNICAL BULLETIN VERSAFLEX™ PF Tack Layer for Surface Protective Films Properties Versaflex PF MD6727 Versaflex PF MD6741 Versaflex PF MD6649 Versaflex PF 9512 Versaflex PF MD6666 Versaflex PF MD6748 Versaflex PF MD6700 Features Low Tack Low Tack; Used for tailoring tack with MD6700 Low-Medium Tack Value Offering Medium Tack Low Gel/Residuals Low Tack Build High Tack Peel Strength Low Low-Medium Medium Medium-High Medium-High High High Applications Optical Films Home Appliances Plastics Construction/Bare Metals Finished Metals Steel/Painted Metals Bare Metals MFR @ 190°C/2.16 kg -- 4.5 17 5.4 21 4.8 6.5 MFR @ 230°C/2.16 kg 10 20 -- -- -- -- -- Specific Gravity, g/cc 0.92 0.91 0.92 0.92 0.94 0.94 0.94 Hardness, Shore A 50 49 37 38 37 31 30 G' @ 23°C, Pa 28.0 x 105 10.4 x 106 8.3 x 105 -- 9.9 x 105 11.8 x 105 10.0 x 105 DMA Tg, °C -29 -30 -9 10 11 15 21 LDPE/Versaflex PF Film1 180° Peel, N/25mm Stainless Steel after 20 min @ 25°C 0.5 2.2 3.2 6.1 6.7 8.5 8.6 after 7 days @ 25°C 0.6 2.7 4.3 5.5 8.2 8.3 10.3 PMMA2 after 20 min @ 25°C 1.1 1.7 3.8 4.9 6.9 8.3 8.8 after 20 min @ 75°C 2.8 4.1 5.1 6.9 9.0 10.7 11.8 after 7 days @ 75°C 4.0 4.4 5.9 9.8 8.4 9.8 10.3 Polycarbonate3 after 20 min @ 25°C 1.4 2.2 3.8 6.8 6.3 8.4 7.0 after 20 min @ 75°C 3.4 4.8 6.7 8.8 8.8 10.0 11.8 after 7 days @ 75°C 4.6 6.5 7.5 10.6 11.6 10.6 13.8 1 Film thickness: 51 micron LDPE/25 micron Versaflex PF 2 Arkema Plexiglas™ V052-100 (Plexiglas is a trademark of Arkema France Corp.) 3 Sabic Lexan™ L52-111 (Lexan is a trademark of Sabic Innovative Plastics) PHYSICAL PROPERTIES OF SELECTED VERSAFLEX PF TACK LAYER FORMULATIONS PRODUCT DESCRIPTION Versaflex™ PF formulations are specially developed for the manufacture of co-extruded surface protective films that apply easily, maintain tack with minimal build, peel smoothly and remove completely with little-to-no residue or ghosting.