PARIS — Switzerland-based chemical company Clariant announced today it has inked a deal to divest its textile chemicals and two other business units — paper specialties and emulsions — to U.S. private equity firm SK Capital. ”For Clariant the transaction marks a significant milestone in the execution of its profitable growth strategy, after the acquisition of Süd-Chemie in 2011,” Clariant chief executive officer CEO Hariolf Kottmann said.
The total sale amounts to approximately 502 million Swiss francs, or $548.7 million at current exchange.
Clariant produces dyes and other chemicals, notably for the denim industry. “In the future, Clariant intends to focus on its specialty activities [including mining, plastics and coating]. Textile chemicals has become a commodity and we aren’t competitive enough [in this area],” a Clariant spokesman explained to WWD. The transaction is expected to close by June 30, 2013.