Divestment marks an important milestone for Clariant’s transformation into a focused specialty chemicals company
• Closing satisfies condition for extraordinary distribution of CHF 3.00 per share
• Remaining proceeds to be invested in core businesses and to strengthen balance sheet
Clariant, a focused, sustainable and innovative specialty chemical company, on July 1, 2020, completed the sale of its entire Masterbatches business to PolyOne. The enterprise value of the sale, which consists of separate transactions for Clariant’s global Masterbatches business and its Masterbatches business in India, amounts to approximately USD 1560 million which is equivalent to c. 12.2 times the last twelve months reported EBITDA (ending September 2019).
“With this completed transaction, Clariant takes another significant step towards becoming a pure-play specialty chemical company. By focusing on its three core Business Areas Care Chemicals, Catalysis and Natural Resource, Clariant intends to deliver above-market growth, higher profitability and stronger cash generation. Having successfully sold Masterbatches and Healthcare Packaging, our target is now to progress with the divestment of our Pigments business,” said Hariolf Kottmann, Clariant’s Executive Chairman ad interim.
As a consequence of the completed divestment of the Masterbatches business, as well as the anticipated divestment of the Pigments business, Clariant will now proceed as soon as practicable with an extraordinary cash distribution of CHF 3.00 per share to its shareholders. Clariant’s Board of Directors has set the ex-date to July 6, 2020, the record date to July 7, 2020, and the payment date of the extraordinary distribution will be 8 July 2020. As previously announced, remaining net proceeds from the intended divestments will be used to invest in innovations and technological applications within the core Business Areas and to strengthen Clariant’s balance sheet.
PolyOne is now Avient, and here is the story: Avient exists to conquer challenges and unlock the potential of innovation and sustainability everywhere on earth. Born of the collective strength of PolyOne and Clariant Masterbatches, our legacies are our launchpad. Working together, we connect exceptional people, ideas, and science to create specialized and sustainable material solutions that enhance performance and protect the environment. These solutions enable customers to transform their visions into products that improve quality of life in meaningful, dynamic ways.
At Avient, we turn challenges into opportunities because progress is our passion. We will never stop exploring better ways to help move the world forward with purposeful, responsible materials innovation that prioritizes the well-being of people and our planet.
For Our Planet
For us, social responsibility and success are not mutually exclusive. Sustainability is integral to who we are and how we operate. We give people the power to pursue their individual visions of health and happiness while ensuring that freedom does not come at the expense of precious natural resources.