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MOSCOW (MRC) -- Avient, formerly
PolyOne, says market conditions have improved through the third quarter for most
of the company, according to Chemweek.
“A number of end markets that
were negatively impacted by the pandemic in the second quarter are recovering,”
Avient says, adding that third-quarter revenue is expected to total about USD905
million. The company expects third-quarter adjusted earnings to total 43
cents/share, compared with 44 cents/share in the year-ago period.
“We are
seeing a recovery in demand in the third quarter,” says Robert Patterson,
chairman and CEO of Avient. “Most notably, our composites business is
benefitting from increased demand for outdoor high performance
applications.”
The company is also increasing its cost-reduction estimate
from the acquisition of Clariant’s masterbatches business, which closed on 1
July. Avient now expects USD75 million/year in cost savings to result from the
deal by 2023, compared with USD60 million/year previously forecast.
As
MRC reported
earlier, in December 2019, Clariant (Muttenz, Switzerland) agreed to sell
its entire Masterbatches business to PolyOne Corp. (Avon Lake, Ohio). The
transaction values the Masterbatches business at USD1,560 million, representing
about 12.2 times the last twelve months reported EBITDA (ending September 2019)
on a cash and debt free basis.
We remind that Russia's output of
chemical products rose in August
2020 by 5% year on year. At the same time, production of basic chemicals
increased year on year by 5.3% in the first eight months of 2020, according to
Rosstat's data. According to the Federal State Statistics Service of the Russian
Federation, polymers in primary form accounted for the greatest increase in the
January-July output. |
