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

04-Nov-2003

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.

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