Avient posts improved profit and sales in Q2 2022
Sales for the quarter at Avon Lake, Ohio-based Avient were up five per cent to $1.3 billion when compared to the same quarter in 2021.
Materials maker Avient Corp. reported second quarter 2022 sales of US$1.3 billion, a five per cent increase over the prior year quarter, and an all-time quarterly record.
“Overall, we are pleased with our performance as we have been able to overcome a number of continuing challenges including inflation, supply chain disruptions, extended lockdowns in China and the war in Ukraine,” Avient chairman, president and CEO Robert Patterson said in a news release. “We have been on a multi-year journey to transform our portfolio and become a premier formulator of specialty and sustainable solutions. Our recent performance demonstrates the resiliency of our portfolio during challenging times.”
Avient also said it is on track to complete its US$1.5 billion acquisition of DSM’s protective materials business in September. “In addition, we embarked on a formal process to explore the sale of our distribution business and are encouraged by the level of interest we have received from several potential buyers,” company officials said.
Looking ahead, Avient CEO Jamie Beggs said the company “expects demand in Asia to improve from the prior quarter and growth to continue in the Americas, offsetting softening conditions in Europe and weaker foreign exchange.”
Avient is headquartered in Avon Lake, Ohio.