Stock Markets
Avient Corp Announces Senior VP retirement and agreement
Avient Corporation (NYSE:AVNT), a specialist in plastics and advanced polymer materials, today disclosed the retirement of a key executive and the related compensatory arrangements. Michael Garratt, Senior Vice President and President of Color, Additives & Inks – EMEA, has decided to retire. The company’s Board of Directors has agreed to continue the vesting of Mr. Garratt’s outstanding long-term incentive awards post-retirement, as per the terms of those awards.
The arrangement, which includes an extension of Mr. Garratt’s post-employment non-competition and non-solicitation covenants for an additional year, comes in exchange for a release of claims from Mr. Garratt. Additionally, he has committed to providing support during the transition period following his departure.
Avient, formerly known as PolyOne Corp, has its headquarters in Avon Lake, Ohio, and operates under the Industrial Applications and Services organization. The company ended the fiscal year on December 31, and as of the latest report, continues to be listed on the New York Stock Exchange.
Avient’s announcement does not detail the reasons for Mr. Garratt’s retirement nor the specifics of the transition plan. The company’s business address and contact information remain unchanged, and it continues to operate in the SIC category of Plastics, Materials, Synth Resins & Nonvulcan Elastomers.
In other recent news, Avient Corporation has made significant strides, with its first-quarter earnings surpassing expectations and an increased outlook for the rest of 2024. The company’s adjusted earnings per share came in at $0.76, outperforming guidance by $0.08, mainly due to robust sales in Defense applications and the advantage of raw material deflation. Despite a slight 1.5% dip in organic sales and challenges in Europe, Avient’s leadership remains optimistic about demand improvements across all regions.
In addition to its earnings report, Avient announced a quarterly cash dividend of $0.2575 per share, underscoring its ongoing commitment to shareholder value. The dividend is scheduled to be paid to shareholders who are on record as of June 21, 2024.
InvestingPro Insights
In light of the executive transition at Avient Corporation, investors may find additional context in the company’s financial metrics and market performance valuable. Avient boasts a solid track record of raising dividends, having done so for 13 consecutive years, which aligns with its reputation for maintaining dividend payments over 14 years. This consistency is a testament to the company’s financial stability and commitment to shareholder returns, even as it undergoes strategic management changes.
InvestingPro data reveals that Avient has a market capitalization of $4.07 billion and is currently trading at a P/E ratio of 23.1, reflecting investor confidence in its earnings potential. Additionally, the company’s stock is trading near its 52-week high, which could indicate market optimism about its growth prospects. With a dividend yield of 2.31%, Avient offers an attractive return for income-focused investors. It’s also noteworthy that analysts expect net income growth this year, which may be an encouraging signal for potential investors considering the company’s future performance post-executive transition.
For those seeking deeper insights, InvestingPro provides further tips on Avient, including an analysis of its earnings multiple and stock volatility. To explore these additional InvestingPro Tips and make informed investment decisions, use coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
(Reuters) -Private equity firm Insight Partners is on the brink of closing a new $10 billion-plus fund, roughly half the amount originally targeted, the Financial Times reported on Sunday, citing five people with knowledge of its plans.
Insight will not formally close its 13th fund until early next year, the report said, adding that the final figure may be closer to $12 billion.
Insight Partners declined to comment on the report.
The report said Insight is using a private equity-style structure to sell more than $1 billion worth of stakes in start-ups and to free up cash to return to investors.
One of the start-ups is Israeli cybersecurity firm Wiz, which had called off a $23 billion deal with Google parent Alphabet (NASDAQ:) in July, the report said.
New York-based Insight raised $20 billion for its 12th flagship fund in 2022, aiming to ramp up investments in software and technology companies.
JERUSALEM (Reuters) -Prime Minister Benjamin Netanyahu said Israel would inflict a “heavy price” on the Iran-aligned Houthis who control northern Yemen, after they reached central Israel with a missile on Sunday for the first time.
Houthi military spokesman Yahya Sarea said the group struck with a new hypersonic ballistic missile that travelled 2,040 km (1270 miles) in just 11 1/2 minutes.
After initially saying the missile had fallen in an open area, Israel’s military later said it had probably fragmented in the air, and that pieces of interceptors had landed in fields and near a railway station. Nobody was reported hurt.
Air raid sirens had sounded in Tel Aviv and across central Israel moments before the impact at around 6:35 a.m. local time (0335 GMT), sending residents running for shelter. Loud booms were heard.
Reuters saw smoke billowing in an open field in central Israel.
At a weekly cabinet meeting, Netanyahu said the Houthis should have known that Israel would exact a “heavy price” for attacks on Israel.
“Whoever needs a reminder of that is invited to visit the Hodeida port,” Netanyahu said, referring to an Israeli retaliatory air strike against Yemen in July for a Houthi drone that hit Tel Aviv.
The Houthis have fired missiles and drones at Israel repeatedly in what they say is solidarity with the Palestinians, since the Gaza war began with a Hamas attack on Israel in October.
The drone that hit Tel Aviv for the first time in July killed a man and wounded four people. Israeli air strikes in response on Houthi military targets near the port of Hodeidah killed six and wounded 80.
Previously, Houthi missiles have not penetrated deep into Israeli air space, with the only one reported to have hit Israeli territory falling in an open area near the Red Sea port of Eilat in March.
Israel should expect more strikes in the future “as we approach the first anniversary of the Oct. 7 operation, including responding to its aggression on the city of Hodeidah,” Sarea said.
The deputy head of the Houthi’s media office, Nasruddin Amer, said in a post on X on Sunday that the missile had reached Israel after “20 missiles failed to intercept” it, describing it as the “beginning”.
The Israeli military also said that 40 projectiles were fired towards Israel from Lebanon on Sunday and were either intercepted or landed in open areas.
“No injuries were reported,” the military said.
PARIS (Reuters) – Eight people have died trying to cross the Channel from France to England, French authorities said on Sunday, confirming earlier media reports.
This latest incident follows the deaths of 12 people earlier this month when their boat capsized in the Channel on its way to Britain and highlights the pressure on the British and French governments to find ways to tackle the boat crossings.
Jacques Billant, the Prefect of the Pas-de-Calais region, said that rescue crews were alerted that a boat with 59 people onboard was in difficulty in waters off the coast of Ambleteuse in the Pas-de-Calais area.
“A new drama took place around one in the morning and we deplore the death of eight people,” he told a news conference, adding that the other 51 onboard were now in the care of rescue and medical crews.
The dead were men from Eritrea, Sudan, Syria, Egypt, Iran and Afghanistan, he added.
The Channel is one of the world’s busiest shipping lanes and currents are strong, which makes crossing on small boats dangerous.
The latest incident brings to 46 the number of people who have died trying to cross the Channel from France since the start of the year, Billant said.
On September 14 alone there were eight attempts to cross the Channel from France and some 200 migrants were rescued, he said.
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