Officials with materials firm Avient Corp. said the business is recovering from the financial effects of the COVID-19 pandemic.
"We are seeing a recovery in demand in the third quarter" Avient Robert Patterson, chairman, president and CEO, said in a Sept. 24 news release. "Most notably, our composites business is benefitting from increased demand for outdoor high performance applications."
As a result, he added, officials expect the firm's Specialty Engineered Materials segment will deliver more than 15 percent EBITDA growth vs. the third quarter of 2019.
Avon Lake, Ohio-based Avient also is benefiting from its recent acquisition of the Clariant Masterbatch business. Patterson said that the acquisition "has been immediately accretive to adjusted EPS."
"Our integration efforts are on track and very encouraging—culturally, commercially and operationally," he added. "From a synergy standpoint, we've identified additional upside from our original $60 million estimate, and now expect to achieve a run rate of $75 million in cost reductions by the end of year three.
"We do not foresee synergy capture being impacted by the pandemic."