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Swiss specialty chemical maker, Clariant has announced that the take over by Stahl for its Leather Services Business Unit is still on track when they announced its latest set of corporate results.
Clariant announced on February 19, 2014 its 2013 full-year sales from continuing operations of CHF 6.076 billion compared to CHF 6.038 billion in full-year 2012, an increase of 4% in local currencies and 1% in Swiss francs. The 4% organic sales growth was almost entirely driven by higher volumes.
Clariant has previously announced divestments of the five businesses Textile Chemicals, Paper Specialties, Emulsions, Detergents & Intermediates and Leather Services. With the closing on September 30, 2013, Clariant sold its Textile Chemicals, Paper Specialties and Emulsions businesses to SK Capital, a US-based investment firm. On October 15 2013, the disposal of Detergents & Intermediates to International Chemical Investors Group (ICIG), a privately owned industrial holding company focusing on mid-sized chemicals and pharmaceutical businesses, was announced and closed effective as of January 1, 2014. The divestment of the Leather Services business to Stahl was announced on October 30, 2013 and is expected to close in the next few months, subject to regulatory approval. Clariant will hold a 23% stake in the combined entity. Hence, all five businesses have been reported as “discontinued operations” in Clariant’s accounts.
“Clariant has made good progress in 2013. The unfolding operational strength of the company became visible in a challenging economic environment. After the divestment of several businesses, Clariant is now a more profitable, less cyclical and well-balanced specialty chemicals player,” said Clariant CEO Hariolf Kottmann. “2014 will be a year of organic growth in the four Business Areas. This will bring us closer to our mid-term target to position Clariant in the top-tier of the specialty chemicals industry, characterized by an EBITDA margin before exceptionals between 16% and 19% in 2015 and beyond.”