PolyOne Corporation, a provider of specialized polymer materials, services, and sustainable solutions, completes its purchase of the color masterbatch businesses of Clariant and Clariant Chemicals India Ltd. With the completion, PolyOne also announces it has changed its name and is now called Avient.
“We proudly welcome our newest associates and valued customers from Clariant Masterbatch. They are joining us on day one of this new era for our company, which as of today, will be named Avient,” says Robert M. Patterson, chairman, president, and CEO, Avient.
Patterson continues, “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 initially announced in December 2019. The Clariant Masterbatch 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.”
In conjunction with its rebranding and the new name, the company’s ticker symbol will change from “POL” to “AVNT,” effective at the start of trading on July 13, 2020. As of that date, the “POL” trading symbol will no longer be active.
For more information, visit www.avient.com/news