Clariant AG: Clariant closes sale of Leather Services business
May 1, 2014 - London
Clariant AG /Clariant AG: Clariant closes sale of Leather Services business. Processed and transmitted by NASDAQ OMX Corporate Solutions.The issuer is solely responsible for the content of this announcement.
Muttenz, May 1, 2014 - Clariant, a world leader in specialty chemicals, today announced the closing of the sale of its Leather Services business to Stahl Holdings B.V. as of April 30, 2014.
Stahl, majority owned by Wendel Group, is a Dutch company providing high-quality chemicals, dyes and coatings for leather and other applications. The combination of both businesses has created a global leader in leather chemicals with a higher growth profile than the standalone entities and with significant synergy potential.
As announced on October 30, 2013, Clariant has received a cash consideration and a 23% stake in Stahl for the sale of its Leather Services business. The minority shareholding will allow Clariant to participate in the upside potential of the enlarged Stahl. Wendel remains the principal shareholder of Stahl with approximately 70% of Stahl's capital.
The closing of the Leather Services transaction marks the last major step in the repositioning of Clariant's portfolio. The company has already divested the Business Units Textile Chemicals, Paper Specialties and the Business Line Emulsions on September 30, 2013, as well as the Detergents & Intermediates business on January 6, 2014.
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| Ulrich Steiner|
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Clariant is a globally leading specialty chemicals company, based in Muttenz near Basel/Switzerland. On December 31, 2013 the company employed a total workforce of 18,099. In the financial year 2013, Clariant recorded sales of CHF 6.076 billion for its continuing businesses. The company reports in four business areas: Care Chemicals, Catalysis & Energy, Natural Resources, and Plastics & Coatings. Clariant's corporate strategy is based on four pillars: managing businesses for profitability, research & development and innovation, growth in emerging markets, and repositioning of the portfolio.
Press release and photography can be downloaded from www.clariant.com or www.PressReleaseFinder.com.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Clariant AG via Globenewswire