Latest News
Avient to Sell Distribution Business to H.I.G. Capital for USD 950m
Friday 12 August 2022

US-based material solutions provider Avient Corp. (NYSE: AVNT) has entered into a definitive agreement to sell its Distribution business to an affiliate of US-based H.I.G. Capital for USD 950m in cash, subject to regulatory approval, the company said.

On April 20, 2022, the company announced it was exploring a sale of its Distribution business, in connection with announcing an agreement to acquire the Protective Materials business of DSM.

The company noted that after-tax proceeds of approximately USD 750m from the sale will be used to pay down near-term maturing debt.

Pro forma for the sale of the Distribution business and the forthcoming acquisition of DSM's Protective Materials business, net debt to adjusted EBITDA leverage will be approximately 2.8x at the end of the year.

Avient Corporation is a global manufacturer of specialized polymer materials headquartered in Avon Lake, Ohio. Its products include thermoplastic compounds, plastic colorants and additives, thermoplastic resins and vinyl resins.
Details
Date Published: 12/08/2022

Options