“It’s been over a year since we finalized the acquisition of the Clariant hair color business and became Avient – bold steps to help us become the specialist formulator we are today,” said Robert M. Patterson, President, President and CEO of Avient Corporation. “We achieved significant growth in sustainable solutions, healthcare and composites in 2021. Add nearly $ 50 million in synergies through the integration of Clariant’s color business, and we’re having a record year .
The company noted that customer demand for its products continues to be strong in all end markets and regions, as revenue increased 32% to $ 1.2 billion in the third quarter and that Adjusted EPS rose 52% to $ 0.70. The company maintains its adjusted EPS forecast for the prior year of $ 3.00, which represents a 55% increase over the prior year’s adjusted EPS of $ 1.93.
“It has been one of the most difficult years we have experienced due to navigating the COVID pandemic and an unprecedented combination of inflation, supply chain disruptions and labor shortages- of work, ”said Patterson.
“When we initially announced the acquisition of the color business of Clariant in December 2019, we aggressively planned to reduce net debt to the leverage of Adjusted EBITDA and now expect it to be 2.1 times by the end of the year, which is ahead of schedule by almost a year, ”Patterson said. “As such, we look forward to pursuing further opportunities to acquire and / or repurchase Avient shares on the open market in the future.”