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Clariant announces sale of Cellulose Ethers to Shin-Etsu Chemical Co., Ltd.

Published on 2003-11-05. Author : SpecialChem


Clariant announced the sale of its Cellulose Ethers business unit to Shin-Etsu Chemical Co., Ltd. for Euro 241 million (around 370 million CHF). The transaction marks the first milestone in the asset sales program that Clariant has made public at its half-year results conference.

The Cellulose Ethers business unit generated sales of Euro 187 million in 2002.
It has built a prominent position serving customers around the world in the construction materials and coatings industries.

Modern operations based in Wiesbaden, Germany are complemented by the Tylose® brand that the business has developed as a globally recognized industry standard. Clariant is pleased that Shin-Etsu Chemical plans to strengthen the business along with Shin-Etsu Chemical's existing complementary activities in cellulose ether chemistry.

The business was part of Clariant's Functional Chemicals Division and employs about 500 people.

Clariant CEO Roland L�sser said: "I am pleased that Shin-Etsu Chemical and Clariant have worked to quickly complete this transaction. Shin-Etsu Chemical is a major global organization and we are confident that the business and people will have good prospects within Shin-Etsu Chemical's global organization. This disposal marks an important step in the implementation of our Transformation Program."

Shin-Etsu Chemical's President and CEO Chihiro Kanagawa said: "I am very pleased that Clariant and Shin-Etsu Chemical were able to complete this transaction. It presents opportunities for both companies. For Shin-Etsu Chemical, the additional cellulose derivatives business will complement our existing business in this field. We will use the newly-acquired business and facilities to enhance Shin-Etsu Chemical's position as a leading worldwide supplier of quality cellulose derivative products to a diversified group of industries and customers."

This transaction still has to be approved by the relevant competition authorities.

Source: Clariant

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