PolyOne Corp. has completed its purchase of the color masterbatch businesses of Clariant and Clariant Chemicals India Ltd. PolyOne also announced that it has changed its name and will now be called Avient.
The entry into the agreement to acquire the Clariant Masterbatch business was originally 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.
The combined net purchase price is $1.44 billion, representing a 10.8x multiple of 2019 adjusted EBITDA, or 7.5x including anticipated synergies.
Avient now expects over 85 percent of adjusted EBITDA to be generated from specialty applications, up from less than 10 percent a decade ago.
In conjunction with its rebranding and 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.