Clariant sells custom manufacturing business to ICIG
08 May '07
3 min read
Clariant announced the sale of its Custom Manufacturing Business to International Chemical Investors Group (ICIG) for an undisclosed transaction value. The sale is the latest step in Clariant's strategy to focus on its core competencies in colors, surfaces and performance chemicals.
Clariant's Customer Manufacturing Business supplies a wide range of intermediates and actives ingredients for the agrochemicals, pharmaceuticals and polymers industries. At closing, the new autonomous entity will be one of the world's leading suppliers to the agrochemicals industry with production sites in Germany and the US. In 2006, the Custom Manufacturing Business had sales of around CHF 217 million and about 490 employees.
The sales process was initiated only six months ago as a result of the review of the strategic options for the former underperforming Life Science Chemicals Division. Clariant expects to record a book loss of approximately CHF 70 million. The transaction is expected to close by mid-year after fulfilment of local transfer requirements such as approval of all relevant authorities. All assets and personnel will be transferred to the buyer.
Jan Secher, Clariant's Chief Executive Officer, said: “As an independent entity supported by a committed investor, the Custom Manufacturing Business has an excellent opportunity to improve its performance in the future. It is a major step in focusing our business portfolio on colours, surfaces and performance chemicals.”
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