Clariant to sell off unit to ICIG

By Marc Castro

Oct 15, 2013 03:03 PM EDT

The plan of Clariant CEO Hariolf Kottmann of focusing the Swiss company to high yield markets would be one step closer to realization. The sale of Clairant AG's detergent and immediate chemicals to International Chemical Investors Group for the price tag of CHF58 million or USD63 million would help achieve that goal. 

Upon completion of the deal, Clariant would receive CHF20 million according to a statement issued by the company. A recent Bloomberg study's participating analysts estimate the enterprise value for detergents and intermediaries worth nearly CHF175 million. 

According to Kottmann, "Having successfully closed the sale of the first three businesses two weeks ago, the divestment of Detergents & Intermediates marks the next step in streamling our portfolio. Once completed, the repositioning of the portfolio will allow the group to focus on exploiting its strong market positions and intensify growth by focusing on customers and innovation."

Kottmann was the main driving force for the transformation of Clariant after several high profile purchases in recent years.

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