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.
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.
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.
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