Avient to acquire DSM Protective Materials (Dyneema) for $1.485B; Q1 adj. EPS beats guidance

AVIENT CORP

Q1 sales $1.3B (+11% YoY); GAAP EPS $0.91; adj. EPS $0.99, beating $0.95 guidance.
Acquisition of Dyneema for ~$1.485B (€1.38B); 2022E sales $415M, EBITDA $130M; EPS accretive ~$0.35.
Plans to explore sale of Distribution business to keep leverage ~2.9x and raise EBITDA margins to 18%.
Full-year adj. EPS guidance maintained at $3.50 (ex-acquisition); FCF raised to ~$285M.
Closing expected late 2022; committed financing from Morgan Stanley and J.P. Morgan.

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