(PRESS RELEASE) CLEVELAND – Avient Corporation (NYSE: AVNT), a provider of specialized and sustainable material solutions, announced it has acquired Magna Colours Ltd. for $48 million.
Magna is a supplier of sustainable, water-based inks technology for the textile screen printing industry. The Magna Colours materials will join Avient’s existing specialty inks portfolio, alongside brands such as Wilflex and Rutland.
“Magna represents an important investment in sustainable solutions as brand owners seek alternatives to legacy technologies,” says Robert M. Patterson, CEO, Avient Corporation. “We are thrilled to have Magna join Avient. We expect our collective inks portfolio will grow substantially as the threat of COVID subsides, people can safely attend sporting and other live events in person, and travel increases.”
Magna was founded in 1978 and is based in Barnsley, United Kingdom.
“While growing Magna, I had a goal to revolutionize the industry and promote sustainable options; our proven technology accomplishes that,” says Tom Abbey, chairman of Magna. “With Avient, I have found a leader aligned with our sustainability values to take us to the next level and truly globalize the business. Avient was the clear choice, and I’m thrilled for Magna to begin its next chapter.”
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