PolyOne Corp., Cleveland, recently completed its purchase of the color masterbatch businesses of Clariant and Clariant Chemicals India Ltd. and also announced that it has changed its name to Avient.
“We proudly welcome our newest associates and valued customers from Clariant Masterbatch,” says Robert M. Patterson, chairman, president and CEO, Avient. “They are joining us on day one of this new era for our company, which as of today will be named Avient. 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.”
The entry into the agreement to acquire the Clariant Masterbatch business was originally announced in December 2019. The Clariant business includes 46 manufacturing operations and technology centers in 29 countries and approximately 3,500 employees, who will join Avient’s color, additives and inks segment.
“With this acquisition, Avient now expects over 85% of adjusted EBITDA to be generated from specialty applications,” Patterson says. “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.”
Corresponding with its rebranding and new name, the company’s ticker symbol will change from “POL” to “AVNT,” effective at the start of trading on July 13. As of that date, the “POL” trading symbol will no longer be active. — D.S.
