UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
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| Item 1.01 | Entry into a Material Definitive Agreement. |
On August 11, 2022, Avient Corporation (the “Company”), an Ohio corporation, entered into a definitive asset purchase agreement (the “Agreement”) with Hilo Group Buyer, LLC, a Delaware limited liability company (“Purchaser”).
Pursuant to the terms of the Agreement, Purchaser has agreed to acquire the Company’s Distribution business segment for $950 million in cash, subject to a customary working capital adjustment (the “Sale”).
The Agreement contains customary representations, warranties, termination rights, covenants and agreements, including, among others, that each party will use reasonable best efforts to complete the transaction. The closing of the Sale will be completed upon the receipt of regulatory approvals and the satisfaction or waiver of customary closing conditions. Purchaser has secured committed financing, consisting of a combination of equity and debt financing, and the Agreement does not contain financing conditions.
| Item 7.01. | Regulation FD Disclosure. |
On August 12, 2022, the Company issued a press release announcing the Sale. A copy of the press release is attached as Exhibit 99.1 and incorporated herein by reference. The press release shall not be deemed to be “filed” under the Securities Exchange Act of 1934.
| Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits:
| Number |
Exhibit | |
| 99.1 | Press Release | |
| 104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document | |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| AVIENT CORPORATION | ||
| By: | /s/ Lisa K. Kunkle | |
| Name: | Lisa K. Kunkle | |
| Title: | Senior Vice President, General Counsel and Secretary | |
Dated: August 12, 2022