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Based in Center Valley, PA, Avantor, Inc. (NYSE: AVTR) is a global leader in providing mission-critical products and services to customers in diverse industries such as life sciences, healthcare, education and government, as well as advanced technologies and applied materials. Avantor's portfolio includes high-performance chemistries and materials marketed under reputable brand names such as J.T.Baker®, Macron Fine Chemicals™, Rankem™, BeneSphera™, and POCH™. The company's offerings span materials and consumables, equipment and instrumentation, as well as services and specialty procurement.
Operating across three geographical segments—Americas, Europe, and AMEA—Avantor generates a majority of its revenue from the Americas. Recent strategic initiatives include a partnership with Tobin Scientific to support end-to-end biopharma logistics, enhancing Avantor's ability to provide cold chain and ambient storage solutions for lab relocations and sample transport. This collaboration ensures current Good Manufacturing Practice (cGMP) compliance and aims to streamline complex logistics, thereby allowing customers to focus on advancing their research.
In addition to its commitment to operational excellence, Avantor is making strides in sustainability. The company recently introduced an innovative packaging system that optimizes product-to-package ratios, significantly reducing shipping material usage. This system has already saved thousands of pounds of filler material, exemplifying Avantor's dedication to eco-friendly practices.
Financially, Avantor reported net sales of $1.72 billion for Q3 2023, a 7.3% decline compared to the previous year, largely due to organic sales dips and COVID-19 headwinds. Despite these challenges, Avantor achieved more than 110% free cash flow conversion, facilitating ongoing debt reduction. The company also reaffirmed its FY2023 guidance, underscoring its confidence in long-term growth prospects by implementing a new operating model and advancing a $300 million cost optimization initiative.
Avantor’s global footprint gives it access to over 300,000 customer locations in 180+ countries, thereby positioning it as a crucial partner in facilitating scientific breakthroughs and innovation. For more information, visit avantorsciences.com.
Avantor has appointed Frederic Vanderhaegen as Executive Vice President for the Americas and Europe, effective immediately. He expands his role to include the Americas, enhancing the company's focus on customer research and development. This strategic move aims to improve customer service and innovation in the company’s offerings. Vanderhaegen, who joined Avantor in 2018, brings extensive leadership experience in the life sciences sector.
Avantor, a global leader in mission-critical products and services, will participate in the Morgan Stanley Virtual Healthcare Conference on September 16, 2020. CEO Michael Stubblefield is scheduled to present at 8:45 a.m. ET. Investors can access a live webcast through Avantor's investor relations page, which will remain available for replay until September 30, 2020. Avantor serves over 225,000 customers across various sectors, including biopharma and healthcare.
Avantor, a leading global provider of critical products and services, will participate in the 2020 Wells Fargo Virtual Healthcare Conference on September 10, 2020. President and CEO Michael Stubblefield will represent the company at approximately 10:00 a.m. Eastern Time. A live webcast will be available through Avantor's investor relations section and can be replayed until September 24, 2020. Avantor serves over 225,000 customer locations globally, supporting the biopharma, healthcare, education, and technology sectors.
Avantor, Inc. (NYSE: AVTR) announced the pricing of an upsized secondary offering by certain stockholders, including New Mountain Capital. A total of 55,555,555 shares of common stock will be sold for gross proceeds of approximately $1.1 billion. This is an increase from the originally proposed 38,500,000 shares. The offering will close on August 21, 2020, pending customary conditions. The underwriters have an option to purchase an additional 8,333,333 shares. The company itself is not selling any shares and will not receive any proceeds from this offering.
Avantor, Inc. (NYSE: AVTR) announced an underwritten secondary offering of 38,500,000 shares of common stock by certain stockholders, including an affiliate of New Mountain Capital. The underwriters, Goldman Sachs & Co. LLC and J.P. Morgan, may acquire an additional 5,775,000 shares. The proceeds will go entirely to the selling stockholders, as no shares are being sold by the company itself. A registration statement with the SEC has been filed and is effective. The offering will be conducted via a prospectus supplement.
Avantor (NYSE: AVTR) announced an upgrade of its long-term issuer default rating (IDR) to 'BB-' with a Positive Outlook by S&P Global Ratings as of August 10, 2020. This upgrade reflects Avantor's robust business model and cash generation capacity, underscoring the company's strong market position in life sciences and advanced technologies. The firm's Executive Vice President and CFO, Thomas Szlosek, expressed confidence in the ongoing deleveraging of the balance sheet. The upgrade represents a significant step in enhancing Avantor's credit standing in the market.
Avantor, a global provider of critical products in life sciences, reported Q2 2020 results showing net sales of $1.48 billion, a 3.5% decline year-over-year. Adjusted EBITDA grew to $273 million, marking a 2% increase. Net income rose to $60.2 million, a turnaround from a loss in the prior year. The company refinanced $2 billion in unsecured notes, reducing annual interest expenses by over $90 million. Despite challenges from COVID-19, Avantor reports resilience with positive cash flow generation of $316.2 million in H1 2020, a 641% increase from the prior year.
Avantor, Inc. (NYSE: AVTR) has declared a quarterly cash dividend of $0.78 per share for its 6.250% Series A Mandatory Convertible Preferred Stock, reflecting a rate of 1.560%. The dividend will be payable on August 15, 2020, to holders of record as of August 1, 2020. This announcement underscores Avantor's commitment to return value to its shareholders.
Avantor has priced a private offering totaling $1.550 billion of 4.625% Senior Notes and €400 million of 3.875% Senior Notes, both maturing on July 15, 2028. The dollar-denominated notes were upsized from an initial $1.0 billion. The proceeds will be used to redeem all 9.000% Senior Notes due 2025. The offering is set to close on July 17, 2020.
Avantor (NYSE: AVTR) announced preliminary unaudited revenue estimates for Q2 2020, projecting earnings between $1.48 billion and $1.49 billion, down from $1.53 billion in Q2 2019, indicating a 2% to 3% organic revenue decline. The decline was primarily attributed to COVID-19 impacts in Education, Healthcare, and Advanced Technologies markets, though Biopharma remains strong. Concurrently, Avantor plans to increase its revolving credit facility to $515 million and extend its maturity to July 2025.
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