PolyOne Corporation, a leading global provider of specialized polymer solutions, has completed its purchase of the color masterbatch businesses of Clariant and Clariant Chemicals India Ltd.
PolyOne also announced that it has changed its name and will now be called Avient.
“We proudly welcome our newest associates and valued customers from Clariant Masterbatch. They are joining us on Day 1 of this new era for our company, which as of today will be named Avient,” said Robert M. Patterson, Chairman, President and Chief Executive Officer, Avient.
Mr. Patterson continued, “Under this new brand, we bring two global leaders together to create a specialty company focused on sustainable solutions for our customers, being a Great Place to Work for our associates, and creating value for all stakeholders.”
In December 2019, PolyOne announced the entry into the Clariant Masterbatch Acquisition Agreement. The Clariant Masterbatch business comprises 46 manufacturing operations and development centers in 29 countries and around 3,500 workers who will join Avient’s Color, Additives and Inks division.
The combined net purchase price is $1.44 billion, representing a 10.8x multiple of 2019 adjusted EBITDA, or 7.5x including anticipated synergies.
“With this acquisition, Avient now expects over 85% of adjusted EBITDA to be generated from specialty applications,” said Mr. Patterson. “This is up from less than 10% when our specialty journey began over a decade ago. While we honor the legacies of our past organizations, under our new name Avient, we come together and look to the future as a world-class sustainable organization.”