Chemistry – Clariant: sale of the Masterbatches unit to Polyone

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The operation at 1.46 billion francs will result in the payment on July 8 of an extraordinary dividend of 3 francs per share.

The chemist is established in Muttenz, in the semi-canton of Basel-Country.

KEYSTONE

The sale of Clariant’s Masterbatches division to the American Polyone is now under roof. Totaling 1.56 billion dollars (1.46 billion francs), the operation will result in the payment on July 8 of an extraordinary dividend of 3 francs per share.

The divestment of the division is split into two parts, said Wednesday the specialty chemist established in Muttenz, in the semi-canton of Basel-Country. The first concerns the sale of the overall masterbatch business for $ 1.5 billion, the second concerns the Indian unit for approximately $ 60 million.

The sale price of the latter represents a multiple of 17.3 times Clariant’s operating profit before interest, taxes, depreciation and amortization (Ebitda). For the rest of the Masterbatches division, this value is fixed at 12.1 times.

Following these transactions, Clariant will pay its shareholders on July 8 an extraordinary dividend of 3 francs in cash for each security in their possession. Meeting at an ordinary general meeting on Tuesday, the owners of the Basel chemist gave the green light to this payment.

Refocus

With this transaction, Clariant takes another important step in its strategy of refocusing on its chemical specialties activity, commented its acting managing director and chairman of the board of directors Hariolf Kottmann, quoted in the press release. The group wants to focus on three sectors, namely chemicals for care, catalysis and natural resources.

The transaction is expected to enable the Rhine group to post growth above that of the market, as well as increased profitability and generation of liquidity. The sale of masterbatches follows that of the packaging for health products sector. Clariant now intends to complete its refocusing, continuing the quest for a buyer for its Pigments business.

The Masterbatches division includes activities with color concentrates and additives, as well as special products for plastics. These components are found in plastics, packaging and fibers. The division generated sales of 1.18 billion francs in 2018.

(ATS / NXP)





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