CLEVELAND, Oct. 14, 2020 /PRNewswire/ -- The Board of Directors of Avient Corporation (NYSE: AVNT) has declared a quarterly cash dividend of twenty-one and one-quarter cents ($0.2125) per share on common stock outstanding, representing the tenth consecutive annual increase. The $0.2125 per share will be paid on January 8, 2021 to stockholders of record on December 18, 2020. On an annualized basis, the dividend will increase 5% from $0.81 to $0.85 per share on the common stock outstanding.
"We are pleased to increase our dividend for the tenth consecutive year. This is a direct result of expanding earnings and increasing free cash flow over the last decade and reflects our ongoing commitment to return cash to shareholders," said Robert M. Patterson, Chairman, President, and Chief Executive Officer, Avient Corporation.
Mr. Patterson added, "Most importantly, we are confident in our future earnings growth potential. As we reported in September, we are seeing early signs of recovery from the COVID-19 pandemic and expect demand conditions will continue to improve. We are also benefitting from the recent acquisition of Clariant Masterbatch and early synergy capture. Pro forma for the acquisition we are achieving the highest level of adjusted EBITDA in the company's history."
Avient Corporation (NYSE: AVNT), with 2020 pro forma revenues of $3.7 billion, provides specialized and sustainable material solutions that transform customer challenges into opportunities, bringing new products to life for a better world. Examples include:
- Barrier technologies that preserve the shelf-life and quality of food, beverages, medicine and other perishable goods through high-performance materials that require less plastic
- Light-weighting solutions that replace heavier traditional materials like metal, glass and wood, which can improve fuel efficiency in all modes of transportation
- Breakthrough technologies that minimize wastewater and improve the recyclability of materials and packaging across a spectrum of end uses
Avient employs approximately 9,100 associates and is certified ACC Responsible Care® and a founding member of the Alliance to End Plastic Waste. For more information, visit www.avient.com.
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 the impact the COVID-19 pandemic has on our business, results from operations, financial condition and liquidity; our ability to achieve the strategic and other objectives relating to the acquisition of Clariant's Masterbatch business, including any expected synergies; our ability to successfully integrate Clariant's Masterbatch business and achieve the expected results of the acquisition of Clariant's Masterbatch business, including, without limitation, the acquisition being accretive; 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; changes in polymer consumption growth rates and laws and regulations regarding plastics in jurisdictions where we conduct business; changes in global industry capacity or in the rate at which anticipated changes in industry capacity come online; 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 continue to pay cash dividends including at the increased rate; an inability to raise or sustain prices for products or services; an ability to achieve or delays in achieving or achievement of less than the anticipated financial benefit from initiatives related to acquisitions and integration, working capital reductions, costs reductions and employee productivity goals; information systems failures and cyberattacks; and other factors affecting our business beyond our control, including, without limitation, changes in the general economy, changes in interest rates and changes in the rate of inflation. 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.
SOURCE Avient Corporation