Clariant Completes Sale Of Businesses To SK Capital
Switzerland-based specialty chemicals manufacturer Clariant International Ltd. has completed the
sale of its Textile Chemicals, Paper Specialties and Emulsions businesses to New York City-based
private equity firm SK Capital Partners for approximately $470 million.
The three businesses have been reorganized under a new Switzerland-based company named Archroma. Archroma Paper Solutions is being managed from Switzerland, while Archroma Textile Specialties management is located in Singapore and Archroma Emulsion Products management is in Brazil.
The sale includes the transfer of 2,900 Clariant employees in 35 countries to Archroma, as well as 25 production sites. In 2012, Clariant's Textile Chemicals, Paper Specialties and Emulsions businesses generated revenues totaling some $1.3 billion, or approximately 15 percent of Clariant's total group sales.
"The successful closing of the transaction is the next step in repositioning Clariant's portfolio towards higher growth, higher profitability businesses," said Hariolf Kottmann, CEO, Clariant. "Today, I would like to express my appreciation and thanks to all employees of the three businesses for their work. We wish them all the best and success in the new company."
SK Capital has appointed Alexander Wessels CEO of Archroma. The existing leaders of the three business units will continue to serve the company as follows: Thomas Winkler, president, Textile Specialties; Helmut Wagner, president, Paper Solutions; and Dominik von Bertrab, president, Emulsions Products.
"We're open for business with a new name and a financially strong and knowledgeable parent who believes in our technology, brand and leading market positions," Wessels said. "I'm proud to join a company with a 120-year long history of providing a portfolio of world-class products and driven by a team of highly talented people who bring fresh thinking and ideas to an industry hungry for innovation.
"The transaction closing comes after a thorough preparation to ensure a seamless transition of the businesses from Clariant to new ownership," Wessels continued. "In addition, we believe that realigning the three businesses into a single integrated, market-focused and dynamic company will benefit both our employees and our customers."
October 1, 2013