UPDATE 1-Clariant sells unit for $1.6 bln, plans payout to shareholders [Reuters]
CLARIANT AG UNSP/ADR (CLZNY)
NASDAQ:AMEX Investor Relations:
clariant.com/en/investors
Company Research
Source: Reuters
UPDATE 1-Clariant sells unit for $1.6 bln, plans payout to shareholders (Adds details, background) ZURICH, Dec 19 (Reuters) - Clariant is selling its masterbatches unit to U.S.-based PolyOne Corp for $1.6 billion, the Swiss specialty chemicals maker said on Thursday, adding it will pay shareholders about $1 billion from the proceeds. Clariant is selling the business that includes colours, additives and special effect concentrates for plastics to the U.S. polymers maker after the failure of a joint venture to combine the unit with parts of Saudi Basic Industries, Clariant’s largest shareholder. After scrapping the JV, Clariant is focusing on chemicals for consumer products likes soaps and shampoos, the oil and gas industry, and catalysts that help speed up chemical reactions, while selling portions of its portfolio for which it anticipates more modest growth prospects. “This announcement is a significant milestone on our path to focusing on businesses with above-market growth, higher p
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