Clariant sells Custom Manufacturing ops to ICIG; sees 70 mln sfr book loss |
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Published
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Tue, 08 May 2007 07:23
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ZURICH (Thomson Financial) - Speciality chemicals group Clariant AG announced the sale of its Custom Manufacturing business to International Chemical Investors Group (ICIG) for an undisclosed sum.However, the deal, which is expected to close by mid-year, is likely to result in a book loss of approximately 70 mln sfr, the company said.The divestment is the latest step in Clariant's strategy to focus on its core competencies in colours, surfaces and performance chemicals, the group announced.The Customer Manufacturing Business supplies a wide range of intermediates and actives ingredients for the agrochemicals, pharmaceuticals and polymers industries.The unit's 490 employees generated sales of around 217 mln sfr last year.The unit's sales process was initiated only six months ago as a result of the review of the strategic options for the former underperforming Life Science Chemicals Division.andrew.ge.thompson@thomson.comat/vs/at/lamCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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