Clariant and SK Capital Report on Progress of the Textile, Paper and Emulsions Activites Divestment
- New company to be called Archroma
- Archroma will be headquartered in Switzerland
- Separation process progressing well, closing expected end of September 2013
Muttenz/New York, 30 April 2013 – Clariant, a world leader in Specialty Chemicals, and SK Capital, a private investment firm with a disciplined focus on the specialty materials, chemicals and healthcare sectors, provided an update on the separation process of Textile Chemicals, Paper Specialties and Emulsions. Clariant announced that it agreed to sell the three businesses to SK Capital on 27 December 2012.
After closing of the transaction, the three businesses will be regrouped under a new company with the name of Archroma. Archroma will be a world leading supplier of products and solutions to the textile, paper, adhesives and coating industries with a turnover of CHF 1.2 billion and approximately 3,000 employees. The company will be headquartered in Switzerland, which will also host the leadership of Archroma Paper Solutions. Archroma Textile Specialties will be managed from Singapore and Archroma Emulsions Products will be managed from Brazil.
The operational and legal separation, including the incorporation of legal entities, licensing and registration activities, the establishment of IT systems, and development of infrastructure and support services as well as ensuring a seamless transition for the Archroma employees is proceeding well. “The project is running full steam ahead. I am delighted to see the commitment of the joint separation team as well as the employees of the businesses which are highly motivated and are working on the separation with great professionalism”, says Clariant CFO Patrick Jany.
An important aspect in establishing the new company is obtaining merger control and governmental approvals and authorizations, several of which remain pending. To ensure a successful separation process that minimizes disruption for both customers and employees, Clariant and SK Capital have targeted a closing of the transaction at the end of the 3rd quarter of 2013. Barry Siadat, a Managing Director of SK Capital, says: “The separation of the Archroma business from Clariant is progressing well, and we are focused on closing the transaction once all transition activities are completed. We remain jointly committed to provide our customers with the highest quality products and services throughout this period of transition.”
