AVON LAKE, Ohio—Avient Corp.'s recent acquisition of the masterbatches unit of Clariant A.G. is expected to create benefits for customers of both businesses.
The $1.4 billion acquisition, which closed July 1, "will make (Avient's) design services and color technology faster and more effective," Jennifer Prugh, vice president of marketing for Avient, said during a Nov. 19 online press event.
Avon Lake-based Avient changed its name from PolyOne Corp. on July 1.
The Clariant deal adds 46 manufacturing sites and technology centers in 29 countries and about 3,500 employees to Avient's previous total.
The business being acquired has annual sales of $1.1 billion. It will operate as part of Avient's Color, Additives and Inks unit.
During the online press event, Woon Keat Moh, Americas and Asia president for Color, Additives and Inks, said the Clariant business "aligned with megatrends" of Avient's own color unit, including lightweighting, reducing packaging, improving recycling and making medical materials that reduce the spread of infection.
Markets served by both businesses include packaging, transportation, health care, consumer goods and fibers. Clariant also sold into agriculture markets, which Avient now has added.
"Innovation is the lifeblood of a specialty company," Moh said. "We can customize and specialize to give our customers what they need."
Even with the challenges of the COVID-19 pandemic, Avient has been able to innovate this year with several materials, including bio-derived colorants from plants, flowers and minerals.