Avient Corporation, which supplies sustainable water-based inks for printing, has reported continuing strong demand despite “incredibly challenging conditions”.
In its results for the quarter from April to June 2021, the US-based group revealed that sales had increased by 42% to $1.235 billion (£890 million), driven by very strong demand in nearly all its end markets.
For July 2021 onwards, Avient said the outlook looked more positive, revising its forecast for the year upwards, boosted by its acquisition on 1 July of UK-based Magna Colours, a market leader in sustainable water-based inks technology for the textile screen printing industry.
Reporting on 30 July, Avient said that revenue for the whole of 2021 was expected to be around $4.6 billion to $4.7 billion (£3.3 billion to £3.4 billion) alongside a 55% increase in earnings per share year on year.
Robert M Patterson, chairman, president and chief executive, said: “Demand continues to be strong and I remain confident in our team’s ability to continue navigating the supply chain dynamics to ensure we deliver for our customers.
“Magna represents another addition to our growing portfolio of sustainable solutions as brand owners seek eco-conscious materials for their customers.”
After the Magna acquisition, Avient’s portfolio of water-based inks now includes MagnaColours as well as Wilflex, Rutland, Zodiac, Union Ink, Printop and QCM.