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Clariant Announces Plans with SABIC

Friday, September 28, 2018

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Global specialty chemicals supplier Clariant (Muttenz, Switzerland) announced last week a plan to combine some of its coatings-related business units with segments of Saudi Basic Industries Corporation, which recently became a major shareholder in the Swiss firm.

The move comes ahead of a planned strategy to divest over other coatings-related business units in coming years. 

Clariant

Swiss specialty chemicals company Clariant announced an updated strategy last week in light of its recent deal with fellow specialty company Saudi Basic Industries Corporation.

SABIC completed the purchase of a 24.99 percent stake in Clariant earlier this month and is now a strategic anchor shareholder of the company.

What’s Changing

The transaction aims to combine Clariant’s Additives and Masterbatches with parts of SABIC’s Specialties business to form the business area High Performance Materials.

Clariant will then divest its remaining Plastics and Coatings business by 2020.

By 2021, the group aims to generate annual sales of around 9 billion Swiss francs ($9.36 billion), compared with 6.38 billion in 2017.

“The portfolio upgrade together with the continuation of Clariant’s strategy enables the Group to realize a significant step change into higher value specialties, which will allow the Group to considerably augment value creation for all our stakeholders,” said Hariolf Kottmann, CEO of Clariant.

The company also announced that an Extraordinary General Meeting will be held Oct. 16 in order to expand Clariant’s Board of Directors to 12 members—four nominated by SABIC. The meeting will also name Kottmann Chairman of the Board while SABIC’s current Specialties Vice President Ernesto Occhiello will be appointed the new CEO.

   

Tagged categories: Additives; Business matters; Clariant; Coating Materials; Coatings raw materials manufacturers; EMEA (Europe, Middle East and Africa); EU; Market share

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