CLEVELAND, Sept. 1,
2022 /PRNewswire/ -- Avient Corporation (NYSE: AVNT),
a leading provider of specialized and sustainable material
solutions, has completed its purchase of the protective materials
business of DSM (including the Dyneema® brand), which
will now be called Avient Protective Materials and reported within
the company's Specialty Engineered Materials segment.
"We proudly welcome our newest associates and valued customers
joining us today," said Robert M.
Patterson, Chairman, President and Chief Executive Officer,
Avient Corporation. "This next step in our specialty
transformation expands our material offerings to provide solutions
that require the highest level of performance in applications where
failure is not an option."
The foundation of Avient Protective Materials is the renowned
technology and globally admired brand of Dyneema®, the
World's Strongest Fiber™. The ultra-lightweight specialty
fiber is 15 times stronger than steel and is used in demanding
applications, such as ballistic personal protection, marine and
sustainable infrastructure, renewable energy, industrial protection
and outdoor sports. The business includes six production
facilities, four R&D centers and approximately 1,000 employees
located around the world.
"With the addition of the Protective Materials business, we have
significantly increased the size of our fastest growing platform
and firmly established Avient as a leader in the advanced
composites space," said Chris
Pederson, President, Specialty Engineered Materials, Avient
Corporation. "We look forward to collaborating with our
customers to deliver on the ever-increasing requirements of product
performance, achievable through innovation and material
science."
About Avient
Avient Corporation (NYSE: AVNT) provides specialized and
sustainable material solutions that transform customer challenges
into opportunities, bringing new products to life for a better
world. Examples include:
- Unique technologies that improve the recyclability of products
and enable recycled content to be incorporated, thus advancing a
more circular economy
- Light-weighting solutions that replace heavier traditional
materials like metal, glass and wood, which can improve fuel
efficiency in all modes of transportation and reduce carbon
footprint
- Sustainable infrastructure solutions that increase energy
efficiency, renewable energy, natural resource conservation and
fiber optic / 5G network accessibility
Avient is certified ACC Responsible Care®, a founding member of
the Alliance to End Plastic Waste and certified Great Place to
Work®. For more information, visit www.avient.com.
Forward-Looking Statements
In this press release, statements that are not reported
financial results or other historical information are "forward
looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements give
current expectations or forecasts of future events and are not
guarantees of future performance. They are based on management's
expectations that involve a number of business risks and
uncertainties, any of which could cause actual results to differ
materially from those expressed in or implied by the
forward-looking statements. They use words such as "will,"
"anticipate," "estimate," "expect," "project," "intend," "plan,"
"believe," and other words and terms of similar meaning in
connection with any discussion of future operating or financial
condition, performance and/or sales. Factors that could cause
actual results to differ materially from those implied by these
forward-looking statements include, but are not limited to:
disruptions, uncertainty or volatility in the credit markets that
could adversely impact the availability of credit already arranged
and the availability and cost of credit in the future; the effect
on foreign operations of currency fluctuations, tariffs and other
political, economic and regulatory risks, including recessionary
conditions; the current and potential future impact of the COVID-19
pandemic on our business, results of operations, financial position
or cash flows, including without limitation, any supply chain and
logistics issues; changes in polymer consumption growth rates and
laws and regulations regarding plastics in jurisdictions where we
conduct business; fluctuations in raw material prices, quality and
supply, and in energy prices and supply; production outages or
material costs associated with scheduled or unscheduled maintenance
programs; unanticipated developments that could occur with respect
to contingencies such as litigation and environmental matters; our
ability to pay regular quarterly cash dividends and the amounts and
timing of any future dividends; information systems failures and
cyberattacks; amounts for cash and non-cash charges related to
restructuring plans that may differ from original estimates,
including because of timing changes associated with the underlying
actions; our ability to successfully integrate the Avient
Protective Materials business and achieve the expected results of
the business, including without limitation, the acquisition being
accretive; any material adverse changes in the business supporting
the Distribution assets being sold; the ability to obtain required
regulatory approvals and otherwise consummate the proposed sale of
the Distribution business; our ability to achieve the strategic and
other objectives relating to the Avient Protective Materials
business and the proposed sale of the Distribution business; and
other factors described in our Annual Report on Form 10-K for the
year ended December 31, 2021 under
Item 1A, "Risk Factors." The above list of factors is not
exhaustive.
We undertake no obligation to publicly update forward-looking
statements, whether as a result of new information, future events
or otherwise. You are advised to consult any further disclosures we
make on related subjects in our reports on Form 10-Q, 8-K and 10-K
that we provide to the Securities and Exchange Commission.
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SOURCE Avient Corporation