Clariant to sell its PVA/PVB business to Kuraray

10-Jul-2001

In line with the strategy of actively managing its product portfolio, Clariant has signed a contract to sell its polyvinyl alcohol/butyral (PVA/PVB) business to Kuraray. The relevant agreements were signed by both parties. The parties have agreed not to disclose the terms of the transaction. The transaction still needs to receive approval from the appropriate authorities.

In 2000, Clariant generated sales of about CHF 200 mio with its PVA/PVB business. By selling the unit to a company offering a more suitable industrial environment for this type of business, Clariant expects that these activities will be able to further improve their competitiveness in the long-term. At the same time, Clariant will be able to reduce the proportion of volume products in its portfolio. All employees will be taken over and employed by Kuraray. The business operates with about 250 employees, who work in production, research & development, marketing & sales and administration at the Höchst/Sulzbach location in Germany. The acquisition of Clariant's PVA/PVB business will enable Kuraray, which has production plants in Japan and Singapore, to expand its market presence in Europe.

Clariant had repeatedly stressed its intention to generate substantial free cash flow and additionally focus its activities through the active management of its product portfolio. In line with its strategic concept, Clariant is also aiming to strengthen its financial sources by developing fast-growing areas such as fine chemicals and building on its specialty chemicals business. Future outperformance is mainly based upon Clariant's proven innovation power.

The products of the Polyvinyl Alcohol/Butyral business can be used in emulsions, adhesives, textile and paper auxiliaries, paints, printer inks and safety glass laminates. The products sold under the brand names Mowiol® and Mowital® enjoy high brand recognition. They already have an excellent reputation in the markets owing to their environmental compatibility and will have good growth prospects within Kuraray.

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