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Avient says business is recovering in third quarter

September 28/2020

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 Clariants 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.


mrcplast.com
Author:Margaret Volkova
Tags:propylene, ethylene, adhesives, masterbatches, Avient, Clariant International, PolyOne, Russia, USA.
Category:General News
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