For the year, sales at Avon Lake, Ohio-based Avient were up more than 2 percent to almost $3.4 billion. But the firm's annual profit plunged almost 46 percent to $82.8 million.
One of the largest resin distributors in North America has a new owner. Avient Corp. announced Aug. 12 that it is selling its distribution unit to an affiliate of private equity firm HIG Capital for $950 million in cash.
The deals will continue Avient's focus on building an advanced composites platform, a strategy the company has been pursuing for 10 years. The transaction includes Dyneema, the strongest man-made fiber in the world.