Swiss specialty chemicals firm Clariant AG (CLZNF.PK, CRN.L, CLZNY.PK) has agreed to divest its Textile Chemicals, Paper Specialties and Emulsions businesses to SK Capital for about CHF 502 million, of which nearly 460 million in cash, equivalent to 6.3 times the estimated 2012 recurring EBITDA of those businesses. The sale, which is approved by both the companies' boards, may close by the end of the second quarter of 2013.
In order to achieve its targets for 2015, Clariant said it would focus on markets with future perspectives and strong growth rates and on businesses that have a competitive position, leading to strong pricing power. In this context, the company had announced in early 2012 to locate strategic options for the Business Units Textile Chemicals, Paper Specialties and the Business Line Emulsions until year-end 2013.
In 2012, the businesses sold would generate sales of an estimated CHF 1.2 billion, equaling some 15 % of total Group sales, and an estimated EBITDA of CHF 80 million. The three businesses employ about 3,000 employees in 35 countries worldwide.
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