Clariant finds buyer for its Leather Service Business
Swiss Clariant, a world leader in specialty chemicals, announced yesterday that it plans to sell its Leather Services business to Stahl Holdings B.V., majority owned by Wendel Group
The interested buyer is a Dutch company providing high quality chemicals, dyes and coatings for leather and other applications. The combination of both businesses would create a global leader in leather chemicals with a higher growth profile than the stand alone entities and with significant synergy potential.
The proposed transaction would include for Clariant to receive 23 % of the shares of Stahl and a cash payment of approximately CHF 85 million in exchange for the sale of its business to Stahl, valuing Clariant’s Leather Services business at approximately 7.5 times estimated EBITDA. Subject to necessary regulatory approvals and employees consultations, the transaction could be finalised in 2014. Wendel would remain the principal shareholder of Stahl with approximately 70 % of Stahl’s capital.
Clariant CEO Hariolf Kottmann stated “For Clariant the proposed transaction marks the last big step in repositioning the portfolio. The group is now in a better position to exploit its strong market presence and intensify growth by focusing on customers and innovation. Through this planned transaction, Clariant will achieve its goal to actively participate in the consolidation of the leather chemicals industry by creating a global leader.”
Before – and reported by TextileFuture – Clariant successfully divested in September the Textile Chemicals, Paper Specialities and Emulsion businesses and signed in October an agreement to sell the Business Unit Detergents & Intermediates, and now its the turn of the Leather Services Business having had in 2012 a turnover of CHF 266 million and EBITDA before exceptional items of CHF 24 million. The Business employs 550 employees in 24 countries worldwide, predominantly in Germany, India and Italy.