Engine Capital Sends Letter to Avantor’s Board of Directors Regarding Opportunities to Improve Governance and Unlock Shareholder Value

Believes Years of Self-Inflicted Issues Have Caused Avantor to Trade at a Meaningful Discount to its Intrinsic Value and Life Sciences Peers

Contends the Board Has Failed to Remedy Operating Underperformance, Ineffective Cost Controls and Poor Capital Deployment – Resulting in Significant Value Destruction Over Every Relevant Period

Makes Clear the Board Needs to Be Refreshed with New Directors with Successful Experience in Healthcare Distribution, Capital Allocation and Leadership at Relevant Companies

Sees Path to Realizing 100% Upside in Share Price by End of 2027 by Prioritizing Cost Discipline, Operational Improvements, Portfolio Optimization and Immediate Share Repurchases

Engine Capital LP (together with its affiliates, “Engine” or “we”), which owns approximately 3% of the outstanding shares of Avantor, Inc. (NYSE: AVTR) (“Avantor” or the “Company”), today sent a letter to the Company’s Board of Directors outlining several opportunities to close Avantor’s significant valuation gap and unlock value for shareholders.

The letter can be viewed and downloaded here.

About Engine Capital

Engine Capital LP is a value-oriented special situations fund that invests both actively and passively in companies undergoing change.

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