CLEVELAND, Oct. 14, 2021 /PRNewswire/ -- The Board of
Directors of Avient Corporation (NYSE: AVNT), a leading provider of
specialized and sustainable material solutions, has declared a
quarterly cash dividend of twenty-three and three-quarters cents
($0.2375) per share on the common
stock outstanding, representing the eleventh consecutive annual
increase.
The $0.2375 per share will be paid
on January 7, 2022, to stockholders
of record on December 17,
2021. On an annualized basis, the dividend will increase 12%
from $0.85 to $0.95 per share on the common stock
outstanding.
"Our track record of earnings growth over the years and ability
to generate strong cash flow has allowed us to raise our dividend
every year since it was first initiated in 2011," said Robert M. Patterson, Chairman, President, and
Chief Executive Officer, Avient Corporation. "We are pleased
to announce this latest increase of 12%, which reflects the record
adjusted EPS we project for 2021 and the confidence we have in our
portfolio of sustainable solutions and future growth
projections."
The Company plans to host an Investor Day in New York City on December 9th, where it will provide
details on its long-term growth drivers, future synergy capture
from the Clariant Color acquisition as well as capital allocation
priorities.
"We are excited about our upcoming investor day. It will be a
great opportunity to share more information with our investors
about our transformational journey as a specialty formulator and
vision for the future," concluded Mr.
Patterson.
About Avient
Avient Corporation (NYSE: AVNT), with expected 2021 revenues of
$4.6 to $4.7
billion, provides specialized and sustainable material
solutions that transform customer challenges into opportunities,
bringing new products to life for a better world. Examples
include:
- Unique technologies that improve the recyclability of products
and enable recycled content to be incorporated, thus advancing a
more circular economy
- Light-weighting solutions that replace heavier traditional
materials like metal, glass and wood, which can improve fuel
efficiency in all modes of transportation and reduce carbon
footprint
- Sustainable infrastructure solutions that increase energy
efficiency, renewable energy, natural resource conservation and
fiber optic / 5G network accessibility
Avient employs approximately 8,400 associates and is certified
ACC Responsible Care®, a founding member of the Alliance to End
Plastic Waste and certified Great Place to Work®. For more
information, visit www.avient.com.
To access Avient's news library online, please visit
www.avient.com/news.
Forward-looking Statements
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 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; the current and potential future impact of the
COVID-19 pandemic on our business, results of operations, financial
position or cash flows including without any limitation, any supply
chain and logistics issues; our ability to achieve the strategic
and other objectives relating to the acquisition of Clariant's
Color business, including any expected synergies; changes in
polymer consumption growth rates and laws and regulations regarding
plastics in jurisdictions where we conduct business; 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; an inability to achieve the
anticipated financial benefit from initiatives related to
acquisition and integration working capital reductions, cost
reductions and employee productivity goals; our ability to continue
to pay regular quarterly cash dividends, including at the increased
rate, and the amounts and timing of any future dividends;
information systems failures and cyberattacks; our ability to
consummate and successfully integrate acquisitions; and amounts for
cash and non-cash charges related to restructuring plans that may
differ from original estimates, including because of timing changes
associated with the underlying actions. 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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/avient-increases-dividend-12-301400762.html
SOURCE Avient Corporation