Avient Corporation (NYSE: AVNT), a leading global provider of specialized and sustainable material solutions, has completed the previously announced sale of its Distribution business to an affiliate of H.I.G. Capital for $950 million in cash, with expected after-tax proceeds of approximately $750 million.

"Completing the sale of Distribution enables us to be modestly levered while advancing our specialty transformation with the recent acquisition of DSM's Protective Materials business and the Dyneema brand," said Robert M. Patterson, Chairman, President and Chief Executive Officer, Avient Corporation.  "As previously announced, we intend to use the net proceeds from the Distribution sale to pay down near-term maturing debt."

H.I.G. Capital says that the former Avient Distribution business will now operate as an independent company called Formerra.