Textile, paper and emulsion businesses to go to US investment firm
Speciality chemical firm Clariant has struck a deal to sell its textile, paper and emulsion products businesses for CHF500 million (£340 million).
The businesses, which employ 3000 people, 14% of the total Clariant workforce, will be bought by US investment firm SK Capital. It is predicted that they will generate CHF1.2 billion in sales for 2012, 15% of total sales for Clariant.
The company is still working on ‘strategic options’ for its leather services business, as well as its detergent and intermediate products businesses.
‘For Clariant, the transaction marks a significant milestone in the execution of its profitable growth strategy after the acquisition of Süd-Chemie in 2011,’ said chief executive Hariolf Kottmann said.
Clariant agreed to buy German speciality chemical company Süd-Chemie in March 2011 for $2 billion.