"Our investments in commercial resources, innovation, and specialty acquisitions continue to drive results, as we delivered record adjusted EPS of
Mr. Patterson continued, "Consolidated sales increased 10% to
"We are very pleased with our recent performance; however, like many companies we have been focused on the safety and welfare of employees, families and communities impacted by Hurricanes Harvey and Irma. While our facilities were undamaged and all of our employees are safe, others were not as fortunate," added Mr. Patterson.
"We are experiencing raw material supply and transportation disruptions as a result of these storms," added
Earlier in October,
Mr. Richardson continued, "Our recently announced dividend expansion is our largest ever, and our three-year plan of a 60% cumulative increase reflects the important steps we have taken to further strengthen our portfolio, balance sheet and future cash flows. We view the increased payouts as one element of a balanced approach in delivering value to our shareholders. As we look ahead, we will continue to fund our organic growth initiatives as our first priority, seek attractive specialty acquisitions and also be opportunistic with respect to buying back shares."
"We have worked hard to reposition our portfolio for sustainable growth, and it's clearly translating to improved performance," added Mr. Patterson. "By executing on our proven four-pillar strategy and continuing to invest in innovation, customer service and acquisitions, I am very confident in our ability to return to double-digit adjusted EPS growth in 2018 and beyond."
Conference Call
As previously announced, the company will conduct a conference call to discuss its financial results for the third quarter at
A recording of the call will also be available for one week, beginning at
About
To access
Forward-looking Statements
In this press release, statements that are not reported financial results or other historical information are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give current expectations or forecasts of future events and are not guarantees of future performance. They are based on management's expectations that involve a number of business risks and uncertainties, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. They use words such as "will," "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," and other words and terms of similar meaning in connection with any discussion of future operating or financial condition, performance and/or sales. Factors that could cause actual results to differ materially from those implied by these forward-looking statements include, but are not limited to: our ability to identify and evaluate acquisition targets and consummate acquisitions; the ability to successfully integrate acquired businesses into our operations, such as
We undertake no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise. You are advised to consult any further disclosures we make on related subjects in our reports on Form 10-Q, 8-K and 10-K that we provide to the
Attachment 1 |
|||||||||||||||
PolyOne Corporation Summary of Condensed Consolidated Statements of Income (Unaudited) (In millions, except per share data) |
|||||||||||||||
Three Months Ended |
Nine Months Ended |
||||||||||||||
2017 |
2016 |
2017 |
2016 |
||||||||||||
Sales |
$ |
818.5 |
$ |
746.7 |
$ |
2,429.3 |
$ |
2,243.8 |
|||||||
Operating income |
67.7 |
72.0 |
231.7 |
224.2 |
|||||||||||
Net income from continuing operations attributable to PolyOne shareholders |
40.2 |
42.8 |
138.1 |
131.2 |
|||||||||||
Basic earnings per share from continuing operations attributable to PolyOne shareholders |
$ |
0.50 |
$ |
0.51 |
$ |
1.69 |
$ |
1.56 |
|||||||
Diluted earnings per share from continuing operations attributable to PolyOne shareholders |
$ |
0.49 |
$ |
0.51 |
$ |
1.68 |
$ |
1.55 |
Senior management uses comparisons of adjusted net income from continuing operations attributable to
Three Months Ended |
Three Months Ended |
||||||||||||||
Reconciliation to Condensed Consolidated Statements of Income |
$ |
EPS |
$ |
EPS |
|||||||||||
Net income from continuing operations attributable to PolyOne shareholders |
$ |
40.2 |
$ |
0.49 |
$ |
42.8 |
$ |
0.51 |
|||||||
Special items, after tax (Attachment 3) |
7.2 |
0.09 |
3.5 |
0.04 |
|||||||||||
Adjusted net income / EPS - excluding special items |
$ |
47.4 |
$ |
0.58 |
$ |
46.3 |
$ |
0.55 |
|||||||
Nine Months Ended |
Nine Months Ended |
||||||||||||||
Reconciliation to Condensed Consolidated Statements of Income |
$ |
EPS |
$ |
EPS |
|||||||||||
Net income from continuing operations attributable to PolyOne shareholders |
$ |
138.1 |
$ |
1.68 |
$ |
131.2 |
$ |
1.55 |
|||||||
Special items, after tax (Attachment 3) |
10.3 |
0.12 |
10.4 |
0.12 |
|||||||||||
Adjusted net income / EPS - excluding special items |
$ |
148.4 |
$ |
1.80 |
$ |
141.6 |
$ |
1.67 |
Attachment 2 |
||||||||||||||
PolyOne Corporation Condensed Consolidated Statements of Income (Unaudited) (In millions, except per share data) |
||||||||||||||
Three Months Ended |
Nine Months Ended |
|||||||||||||
2017 |
2016 |
2017 |
2016 |
|||||||||||
Sales |
$ |
818.5 |
$ |
746.7 |
$ |
2,429.3 |
$ |
2,243.8 |
||||||
Cost of sales |
639.0 |
580.6 |
1,879.5 |
1,719.2 |
||||||||||
Gross margin |
179.5 |
166.1 |
549.8 |
524.6 |
||||||||||
Selling and administrative expense |
111.8 |
94.1 |
318.1 |
300.4 |
||||||||||
Operating income |
67.7 |
72.0 |
231.7 |
224.2 |
||||||||||
Interest expense, net |
(15.5) |
(15.1) |
(45.3) |
(44.3) |
||||||||||
Debt extinguishment costs |
— |
— |
(0.3) |
(0.4) |
||||||||||
Other expense, net |
(0.7) |
(0.1) |
(3.2) |
— |
||||||||||
Income from continuing operations before income taxes |
51.5 |
56.8 |
182.9 |
179.5 |
||||||||||
Income tax expense |
(11.3) |
(14.0) |
(44.8) |
(48.4) |
||||||||||
Net income from continuing operations |
40.2 |
42.8 |
138.1 |
131.1 |
||||||||||
(Loss) income from discontinued operations, net of income taxes |
(1.4) |
(0.5) |
(233.8) |
0.2 |
||||||||||
Net income (loss) |
$ |
38.8 |
$ |
42.3 |
$ |
(95.7) |
$ |
131.3 |
||||||
Net loss attributable to noncontrolling interests |
— |
— |
— |
0.1 |
||||||||||
Net income (loss) attributable to PolyOne common shareholders |
$ |
38.8 |
$ |
42.3 |
$ |
(95.7) |
$ |
131.4 |
||||||
Earnings (loss) per common share attributable to PolyOne common shareholders - Basic: |
||||||||||||||
Continuing operations |
$ |
0.50 |
$ |
0.51 |
$ |
1.69 |
$ |
1.56 |
||||||
Discontinued operations |
(0.02) |
(0.01) |
(2.86) |
— |
||||||||||
Total |
$ |
0.48 |
$ |
0.50 |
$ |
(1.17) |
$ |
1.56 |
||||||
Earnings (loss) per common share attributable to PolyOne common shareholders - Diluted: |
||||||||||||||
Continuing operations |
$ |
0.49 |
$ |
0.51 |
$ |
1.68 |
$ |
1.55 |
||||||
Discontinued operations |
(0.02) |
(0.01) |
(2.84) |
— |
||||||||||
Total |
$ |
0.47 |
$ |
0.50 |
$ |
(1.16) |
$ |
1.55 |
||||||
Cash dividends declared per share of common stock |
$ |
0.135 |
$ |
0.120 |
$ |
0.405 |
$ |
0.360 |
||||||
Weighted-average shares used to compute earnings per common share: |
||||||||||||||
Basic |
81.2 |
83.9 |
81.7 |
84.2 |
||||||||||
Diluted |
82.0 |
84.5 |
82.3 |
84.8 |
Attachment 3 |
|||||||||||||||
PolyOne Corporation Summary of Special Items (Unaudited) (In millions, except per share data) |
|||||||||||||||
Special items (1) |
Three Months Ended |
Nine Months Ended |
|||||||||||||
2017 |
2016 |
2017 |
2016 |
||||||||||||
Cost of sales: |
|||||||||||||||
Restructuring costs |
$ |
0.6 |
$ |
— |
$ |
3.3 |
$ |
(0.9) |
|||||||
Environmental remediation costs |
(4.9) |
(2.4) |
(12.1) |
(6.2) |
|||||||||||
Reimbursement of previously incurred environmental costs |
2.5 |
— |
6.3 |
5.3 |
|||||||||||
Acquisition related costs |
(1.2) |
(2.0) |
(2.7) |
(6.5) |
|||||||||||
Impact on cost of sales |
(3.0) |
(4.4) |
(5.2) |
(8.3) |
|||||||||||
Selling and administrative expense: |
|||||||||||||||
Restructuring, legal and other |
(5.8) |
(5.3) |
(11.5) |
(16.8) |
|||||||||||
Acquisition related costs |
(1.4) |
(0.5) |
(2.4) |
(1.4) |
|||||||||||
Impact on selling and administrative expense |
(7.2) |
(5.8) |
(13.9) |
(18.2) |
|||||||||||
Impact on operating income |
(10.2) |
(10.2) |
(19.1) |
(26.5) |
|||||||||||
Debt extinguishment costs |
— |
— |
(0.3) |
(0.4) |
|||||||||||
Other income (expense), net |
0.1 |
— |
(0.2) |
0.1 |
|||||||||||
Impact on income from continuing operations before income taxes |
(10.1) |
(10.2) |
(19.6) |
(26.8) |
|||||||||||
Income tax benefit on above special items |
3.3 |
3.7 |
6.8 |
10.1 |
|||||||||||
Tax adjustments(2) |
(0.4) |
3.0 |
2.5 |
6.3 |
|||||||||||
Impact of special items on net income (loss) from continuing operations |
$ |
(7.2) |
$ |
(3.5) |
$ |
(10.3) |
$ |
(10.4) |
|||||||
Diluted earnings per common share impact |
$ |
(0.09) |
$ |
(0.04) |
$ |
(0.12) |
$ |
(0.12) |
|||||||
Weighted average shares used to compute adjusted earnings per share: |
|||||||||||||||
Diluted |
82.0 |
84.5 |
82.3 |
84.8 |
(1) |
Special items include charges related to specific strategic initiatives or financial restructuring such as: consolidation of operations; debt extinguishment costs; costs incurred directly in relation to acquisitions or divestitures; employee separation costs resulting from personnel reduction programs, plant realignment costs, executive separation agreements; asset impairments; mark-to-market adjustments associated with actuarial gains and losses on pension and other post-retirement benefit plans; environmental remediation costs, fines, penalties and related insurance recoveries related to facilities no longer owned or closed in prior years; gains and losses on the divestiture of operating businesses, joint ventures and equity investments; gains and losses on facility or property sales or disposals; results of litigation, fines or penalties, where such litigation (or action relating to the fines or penalties) arose prior to the commencement of the performance period; one-time, non-recurring items; and the effect of changes in accounting principles or other such laws or provisions affecting reported results. |
(2) |
Tax adjustments include the net tax expense/benefit from one-time income tax items, the set-up or reversal of uncertain tax position reserves and deferred income tax valuation allowance adjustments. |
Attachment 4 |
|||||||
PolyOne Corporation Condensed Consolidated Balance Sheets (In millions) |
|||||||
(Unaudited) |
December 31, |
||||||
Assets |
|||||||
Current assets: |
|||||||
Cash and cash equivalents |
$ |
233.5 |
$ |
225.5 |
|||
Accounts receivable, net |
431.1 |
325.6 |
|||||
Inventories, net |
308.9 |
266.4 |
|||||
Current assets held-for-sale |
— |
86.5 |
|||||
Other current assets |
70.5 |
45.5 |
|||||
Total current assets |
1,044.0 |
949.5 |
|||||
Property, net |
447.8 |
426.3 |
|||||
Goodwill |
608.9 |
532.7 |
|||||
Intangible assets, net |
405.7 |
342.7 |
|||||
Non-current assets held for sale |
— |
347.4 |
|||||
Other non-current assets |
143.1 |
139.8 |
|||||
Total assets |
$ |
2,649.5 |
$ |
2,738.4 |
|||
Liabilities and Shareholders' Equity |
|||||||
Current liabilities: |
|||||||
Short-term and current portion of long-term debt |
$ |
32.5 |
$ |
18.5 |
|||
Accounts payable |
378.2 |
320.9 |
|||||
Current liabilities held-for-sale |
— |
45.3 |
|||||
Accrued expenses and other current liabilities |
123.2 |
125.2 |
|||||
Total current liabilities |
533.9 |
509.9 |
|||||
Non-current liabilities: |
|||||||
Long-term debt |
1,319.5 |
1,239.4 |
|||||
Pension and other post-retirement benefits |
63.4 |
63.1 |
|||||
Non-current liabilities held for sale |
— |
52.8 |
|||||
Other non-current liabilities |
164.0 |
147.7 |
|||||
Total non-current liabilities |
1,546.9 |
1,503.0 |
|||||
Shareholders' equity: |
|||||||
PolyOne shareholders' equity |
567.9 |
724.7 |
|||||
Noncontrolling interests |
0.8 |
0.8 |
|||||
Total equity |
568.7 |
725.5 |
|||||
Total liabilities and shareholders' equity |
$ |
2,649.5 |
$ |
2,738.4 |
Attachment 5 |
|||||||
PolyOne Corporation Condensed Consolidated Statements of Cash Flows (Unaudited) (In millions) |
|||||||
Nine Months Ended September 30, |
|||||||
2017 |
2016 |
||||||
Operating Activities |
|||||||
Net (loss) income |
$ |
(95.7) |
$ |
131.3 |
|||
Adjustments to reconcile net income to net cash used by operating activities: |
|||||||
Loss on sale of business, net of tax |
228.7 |
— |
|||||
Depreciation and amortization |
75.7 |
74.7 |
|||||
Accelerated depreciation and fixed asset charges associated with restructuring activities |
0.9 |
4.6 |
|||||
Gain from sale of closed facilities |
(3.6) |
— |
|||||
Debt extinguishment costs |
0.3 |
0.4 |
|||||
Share-based compensation expense |
8.0 |
6.5 |
|||||
Change in assets and liabilities, net of the effect of acquisitions: |
|||||||
Increase in accounts receivable |
(83.6) |
(67.4) |
|||||
Increase in inventories |
(21.7) |
(10.4) |
|||||
Increase in accounts payable |
43.0 |
30.1 |
|||||
Decrease in pension and other post-retirement benefits |
(10.4) |
(31.3) |
|||||
Decrease in accrued expenses and other assets and liabilities - net |
(30.4) |
(6.0) |
|||||
Net cash provided by operating activities |
111.2 |
132.5 |
|||||
Investing Activities |
|||||||
Capital expenditures |
(52.0) |
(58.0) |
|||||
Business acquisitions, net of cash acquired |
(163.8) |
(158.3) |
|||||
Proceeds from sale of business and other assets |
123.0 |
9.8 |
|||||
Net cash used by investing activities |
(92.8) |
(206.5) |
|||||
Financing Activities |
|||||||
Proceeds from long-term debt |
— |
100.0 |
|||||
Borrowings under credit facilities |
1,111.2 |
805.9 |
|||||
Repayments under credit facilities |
(1,013.3) |
(806.4) |
|||||
Purchase of common shares for treasury |
(70.7) |
(50.7) |
|||||
Cash dividends paid |
(33.2) |
(30.1) |
|||||
Repayment of long-term debt |
(4.9) |
(4.4) |
|||||
Payments of withholding tax on share awards |
(2.9) |
(4.7) |
|||||
Debt financing costs |
(2.5) |
(1.9) |
|||||
Net cash (used) provided by financing activities |
(16.3) |
7.7 |
|||||
Effect of exchange rate changes on cash |
4.7 |
(1.3) |
|||||
Increase (decrease) in cash and cash equivalents |
6.8 |
(67.6) |
|||||
Cash and cash equivalents at beginning of period |
226.7 |
279.8 |
|||||
Cash and cash equivalents at end of period |
$ |
233.5 |
$ |
212.2 |
Attachment 6 |
|||||||||||||||
PolyOne Corporation |
|||||||||||||||
Business Segment and Platform Operations (Unaudited) |
|||||||||||||||
(In millions) |
|||||||||||||||
Operating income at the segment level does not include: special items as defined in Attachment 3; corporate general and administration costs that are not allocated to segments; intersegment sales and profit eliminations; share-based compensation costs; and certain other items that are not included in the measure of segment profit and loss that is reported to and reviewed by the chief operating decision maker. These costs are included in Corporate and eliminations. |
|||||||||||||||
Three Months Ended |
Nine Months Ended |
||||||||||||||
2017 |
2016 |
2017 |
2016 |
||||||||||||
Sales: |
|||||||||||||||
Color, Additives and Inks |
$ |
235.1 |
$ |
195.9 |
$ |
670.6 |
$ |
613.0 |
|||||||
Specialty Engineered Materials |
156.3 |
146.2 |
474.1 |
430.5 |
|||||||||||
Performance Products and Solutions |
175.7 |
171.3 |
543.6 |
510.3 |
|||||||||||
PolyOne Distribution |
291.1 |
274.8 |
868.0 |
816.2 |
|||||||||||
Corporate and eliminations |
(39.7) |
(41.5) |
(127.0) |
(126.2) |
|||||||||||
Sales |
$ |
818.5 |
$ |
746.7 |
$ |
2,429.3 |
$ |
2,243.8 |
|||||||
Gross margin: |
|||||||||||||||
Color, Additives and Inks |
$ |
81.5 |
$ |
70.0 |
$ |
236.8 |
$ |
223.3 |
|||||||
Specialty Engineered Materials |
40.4 |
41.7 |
128.7 |
128.9 |
|||||||||||
Performance Products and Solutions |
28.9 |
29.2 |
96.5 |
94.6 |
|||||||||||
PolyOne Distribution |
31.9 |
29.6 |
96.8 |
89.8 |
|||||||||||
Corporate and eliminations |
(3.2) |
(4.4) |
(9.0) |
(12.0) |
|||||||||||
Gross margin |
$ |
179.5 |
$ |
166.1 |
$ |
549.8 |
$ |
524.6 |
|||||||
Selling and administrative expense: |
|||||||||||||||
Color, Additives and Inks |
$ |
45.1 |
$ |
38.6 |
$ |
126.7 |
$ |
118.8 |
|||||||
Specialty Engineered Materials |
22.1 |
21.2 |
66.5 |
63.6 |
|||||||||||
Performance Products and Solutions |
11.1 |
11.2 |
34.3 |
35.6 |
|||||||||||
PolyOne Distribution |
13.3 |
11.4 |
39.3 |
36.3 |
|||||||||||
Corporate and eliminations |
20.2 |
11.7 |
51.3 |
46.1 |
|||||||||||
Selling and administrative expense |
$ |
111.8 |
$ |
94.1 |
$ |
318.1 |
$ |
300.4 |
|||||||
Operating income: |
|||||||||||||||
Color, Additives and Inks |
$ |
36.4 |
$ |
31.4 |
$ |
110.1 |
$ |
104.5 |
|||||||
Specialty Engineered Materials |
18.3 |
20.5 |
62.2 |
65.3 |
|||||||||||
Performance Products and Solutions |
17.8 |
18.0 |
62.2 |
59.0 |
|||||||||||
PolyOne Distribution |
18.6 |
18.2 |
57.5 |
53.5 |
|||||||||||
Corporate and eliminations |
(23.4) |
(16.1) |
(60.3) |
(58.1) |
|||||||||||
Operating income |
$ |
67.7 |
$ |
72.0 |
$ |
231.7 |
$ |
224.2 |
Attachment 7 |
|||||||||||||||
PolyOne Corporation Reconciliation of Non-GAAP Financial Measures (Unaudited) (In millions, except per share data) |
|||||||||||||||
Senior management uses gross margin before special items and operating income before special items to assess performance and allocate resources because senior management believes that these measures are useful in understanding current profitability levels and how it may serve as a basis for future performance. In addition, operating income before the effect of special items is a component of PolyOne annual and long-term employee incentive plans and is used in debt covenant computations. Senior management believes these measures are useful to investors because they allow for comparison to PolyOne's performance in prior periods without the effect of items that, by their nature, tend to obscure PolyOne's operating results due to the potential variability across periods based on timing, frequency and magnitude. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation from, or solely as alternatives to, financial measures prepared in accordance with GAAP. Below is a reconciliation of these non-GAAP financial measures to their most directly comparable financial measures calculated and presented in accordance with GAAP. See Attachment 3 for a definition and summary of special items. |
|||||||||||||||
Three Months Ended |
Nine Months Ended |
||||||||||||||
Reconciliation to Consolidated Statements of Income |
2017 |
2016 |
2017 |
2016 |
|||||||||||
Sales |
$ |
818.5 |
$ |
746.7 |
$ |
2,429.3 |
$ |
2,243.8 |
|||||||
Gross margin - GAAP |
179.5 |
166.1 |
549.8 |
524.6 |
|||||||||||
Special items in gross margin (Attachment 3) |
3.0 |
4.4 |
5.2 |
8.3 |
|||||||||||
Adjusted Gross margin |
$ |
182.5 |
$ |
170.5 |
$ |
555.0 |
$ |
532.9 |
|||||||
Adjusted Gross margin as a percent of sales |
22.3 |
% |
22.8 |
% |
22.8 |
% |
23.7 |
% |
|||||||
Operating income - GAAP |
67.7 |
72.0 |
231.7 |
224.2 |
|||||||||||
Special items in operating income (Attachment 3) |
10.2 |
10.2 |
19.1 |
26.5 |
|||||||||||
Adjusted Operating income |
$ |
77.9 |
$ |
82.2 |
$ |
250.8 |
$ |
250.7 |
|||||||
Adjusted Operating income as a percent of sales |
9.5 |
% |
11.0 |
% |
10.3 |
% |
11.2 |
% |
The table below reconciles pre-special income tax expense and the pre-special effective tax rate to their most comparable US GAAP figures.
Three Months Ended |
Three Months Ended |
||||||||||||||||||||||
GAAP |
Special |
Adjusted |
GAAP |
Special |
Adjusted |
||||||||||||||||||
Income from continuing operations before income taxes |
$ |
51.5 |
$ |
10.1 |
$ |
61.6 |
$ |
56.8 |
$ |
10.2 |
$ |
67.0 |
|||||||||||
Income tax expense - GAAP |
(11.3) |
— |
(11.3) |
(14.0) |
— |
(14.0) |
|||||||||||||||||
Income tax impact of special items (Attachment 3) |
— |
(3.3) |
(3.3) |
— |
(3.7) |
(3.7) |
|||||||||||||||||
Tax adjustments (Attachment 3) |
— |
0.4 |
0.4 |
— |
(3.0) |
(3.0) |
|||||||||||||||||
Income tax expense |
$ |
(11.3) |
$ |
(2.9) |
$ |
(14.2) |
$ |
(14.0) |
$ |
(6.7) |
$ |
(20.7) |
|||||||||||
Effective Tax Rate |
21.9 |
% |
23.1 |
% |
24.6 |
% |
30.9 |
% |
|||||||||||||||
Nine Months Ended |
Nine Months Ended |
||||||||||||||||||||||
GAAP |
Special |
Adjusted |
GAAP |
Special |
Adjusted |
||||||||||||||||||
Income from continuing operations before income taxes |
$ |
182.9 |
$ |
19.6 |
$ |
202.5 |
$ |
179.5 |
$ |
26.8 |
$ |
206.3 |
|||||||||||
Income tax expense - GAAP |
(44.8) |
— |
(44.8) |
(48.4) |
— |
(48.4) |
|||||||||||||||||
Income tax impact of special items (Attachment 3) |
— |
(6.8) |
(6.8) |
— |
(10.1) |
(10.1) |
|||||||||||||||||
Tax adjustments (Attachment 3) |
— |
(2.5) |
(2.5) |
— |
(6.3) |
(6.3) |
|||||||||||||||||
Income tax expense |
$ |
(44.8) |
$ |
(9.3) |
$ |
(54.1) |
$ |
(48.4) |
$ |
(16.4) |
$ |
(64.8) |
|||||||||||
Effective Tax Rate |
24.5 |
% |
26.7 |
% |
27.0 |
% |
31.4 |
% |
View original content:http://www.prnewswire.com/news-releases/polyone-announces-third-quarter-2017-results-300542934.html
SOURCE
Investor Relations Contact - Eric R. Swanson, Director, Investor Relations, PolyOne Corporation, +1 440-930-1018, eric.swanson@avient.com; Media Contact - Kyle G. Rose, Vice President, Corporate Communications, PolyOne Corporation, +1 440-930-3162, kyle.rose@avient.com