#Textile chemistry

2012-12-27

Clariant divests Textile Chemicals, Paper Specialties and Emulsions businesses to SK Capital

Business Unit Textile Chemicals will be sold to SK Capital (c) 2012 Clariant

Clariant, a world leader in specialty chemicals, has signed an agreement to divest its Textile Chemicals, Paper Specialties and Emulsions businesses to SK Capital. The total consideration of the sale amounts to approximately CHF 502 million, out of which approximately 460 million in cash, equivalent to 6.3 times the estimated full year 2012 recurring EBITDA of those businesses.

The divestment has been approved by the Boards of both companies. Subject to regulatory approvals, the transaction is expected to close by the end of the second quarter of 2013.

“For Clariant the transaction marks a significant milestone in the execution of its profitable growth strategy, after the acquisition of Süd-Chemie in 2011”, CEO Hariolf Kottmann said. “I am pleased that we are able to execute this divestment faster than originally expected. By the end of 2013, Clariant will be an even more profitable company than today, generating a majority of sales in non-cyclical growth businesses.”

Barry Siadat, a Managing Director of SK Capital, noted, “We are delighted to partner with the management and employees of these businesses to build upon their strong technology, brand, and leading market positions to more efficiently serve their large and growing global markets and customers. We believe these businesses provide an attractive platform to capitalize on their overlaps in technology, manufacturing, supply chain and logistics.”

Repositioning the company’s portfolio is an essential part of Clariant’s profitable growth strategy. To achieve the targets set for 2015, Clariant will focus on markets with future perspectives and strong growth rates and on businesses that have a competitive position, resulting in strong pricing power. In this context, the company has announced in early 2012 to look for strategic options for the Business Units Textile Chemicals, Paper Specialties and the Business Line Emulsions until year-end 2013. Also subject to this process but in a second phase are the Business Unit Leather Services and the Business Line Detergents & Intermediates.

In 2012, the divested businesses will generate an estimated CHF 1.2 billion in sales, equaling approximately 15 % of total Group sales, and an estimated EBITDA of CHF 80 million. The three businesses employ around 3,000 employees (14% of total workforce) in 35 countries around the globe. SK Capital is a private investment firm with a disciplined focus on the specialty materials, chemicals and healthcare sectors, located in New York, NY (USA) and Boca Raton, FL (USA). The company has a strong track record in chemicals investing, in transitioning non-core divisions of larger corporations to standalone entities and in acquiring global businesses.

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