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The divestment of the Leather Services business to Stahl Holdings B.V. was announced by Clariant on October 30, 2013 and is expected to close in the second quarter of 2014, subject to regulatory approval. Clariant will hold a 23% stake in the combined entity.
Clariant has divested a total of five businesses Textile Chemicals, Paper Specialties, Emulsions, Detergents & Intermediates and Leather Services. On September 30, 2013, Clariant sold its Textile Chemicals, Paper Specialties, and Emulsions businesses to SK Capital. On October 15, 2013, the disposal of Detergents & Intermediates (D&I) to the International Chemical Investors Group (ICIG) was announced and closed effective as of January 1, 2014. Hence, all five businesses have been reported as “discontinued operations” since January 2013. In the first quarter of 2014, discontinued operations generated sales of CHF 66 million ($74 million) (Leather Services) compared to CHF 421 million ($477 million) (which includes Textile Chemicals, Paper Specialties, Emulsions, Detergents & Intermediates as well as Leather Services) in the first quarter of 2013, and a net result of CHF –9 million (-$10 million) compared to an income of CHF 12 million ($13.6 million) in the first quarter of 2013. The net result from discontinued operations in 2013 includes book losses, project and separation costs, and currency translation adjustments related to the divestment of the Detergents & Intermediates and the Leather Services businesses.
For 2014, Clariant expects the business environment to remain challenging with heterogeneous global economic developments and volatile currency markets. The general economic environment in the emerging markets is expected to remain favorable but mixed, while moderate growth should continue in the advanced economies, in particular in the United States.
“Clariant had a promising start to the year with good volume growth and an increase in operating profitability,” said CEO Hariolf Kottmann. “Overall, our businesses performed well in an improving but still mixed economic environment. The picture has been somewhat clouded by unfavorable currency developments, a mild winter in Europe, and an impairment charge related to the divestment of the ASK Chemicals joint venture. However, after the first three months, Clariant is well on course to meet its full-year targets.”