Clariant signs agreements to divest 50 % stake in Scientific Design joint venture to SABIC
02 Febrero 2022 - 12:00AM
Clariant signs agreements to divest 50 % stake in Scientific Design
joint venture to SABIC
MUTTENZ, FEBRUARY 2, 2022
Clariant, a focused, sustainable and innovative specialty
chemicals company, has signed definitive agreements to divest its
50 % stake in the joint venture which owns Scientific Design
Company Inc. to its long-term joint venture partner, SABIC. SABIC
is executing a call option raised in 2015 to acquire this
stake, originally purchased by Süd-Chemie AG in 2003 and acquired
by Clariant in 2011, pursuant to a change-of-control clause in the
Joint Venture agreement.
Clariant reports a book value for the 50 % stake in
Scientific Design Company Inc. of CHF 108 million as of
31 December 2020. Both Clariant and SABIC completed a
comprehensive, arms-length due diligence process to value
Scientific Design at USD 260 million and Clariant’s 50 % share
at USD 130 million. Together with a profit-sharing
agreement beginning on January 1, 2021 until the closing
of the transaction, this represents an attractive valuation for
Clariant’s 50 % stake at around 12 times Scientific
Design’s 2021 expected EBITDA, assuming a mid-2022 closing. The
final amount is payable at closing, which is subject to the receipt
of the required regulatory approvals. The closing is expected to
take place in mid-2022.
In 2020, Scientific Design Company Inc. generated sales of
CHF 121 million. Scientific Design Company Inc.,
headquartered in Little Ferry, New Jersey, United States, is
present in the development, licensing and catalyst supply of
proprietary processes for the production of ethylene oxide (EO),
ethylene glycol (EO/EG), bio-ethylene, bio-EO, bio-EG, EO
derivatives, polyols and maleic anhydride. In addition to these
technologies, Scientific Design Company Inc. produces proprietary
catalysts and equipment for use in their own and other industrial
processes.
| CORPORATE
MEDIA RELATIONS Jochen DubielPhone
+41 61 469 63 63jochen.dubiel@clariant.com Anne
MaierPhone +41 61 469 63 63anne.maier@clariant.com
Ellese GolderPhone +41 61 469 63
63ellese.golder@clariant.com |
INVESTOR
RELATIONS Andreas Schwarzwälder
Phone +41 61 469 63 73andreas.schwarzwaelder@clariant.com
Maria IvekPhone +41 61 469 63
73maria.ivek@clariant.com Alexander
KambPhone +41 61 469 63 73alexander.kamb@clariant.com |
|
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This media release contains certain statements that are
neither reported financial results nor other historical
information. This document also includes forward-looking
statements. Because these forward-looking statements are subject to
risks and uncertainties, actual future results may differ
materially from those expressed in or implied by the statements.
Many of these risks and uncertainties relate to factors that are
beyond Clariant’s ability to control or estimate precisely, such as
future market conditions, currency fluctuations, the behavior of
other market participants, the actions of governmental regulators
and other risk factors such as: the timing and strength of new
product offerings; pricing strategies of competitors; the Company’s
ability to continue to receive adequate products from its vendors
on acceptable terms, or at all, and to continue to obtain
sufficient financing to meet its liquidity needs; and changes in
the political, social and regulatory framework in which the Company
operates or in economic or technological trends or conditions,
including currency fluctuations, inflation and consumer confidence,
on a global, regional or national basis. Readers are cautioned not
to place undue reliance on these forward-looking statements, which
speak only as of the date of this document. Clariant does not
undertake any obligation to publicly release any revisions to these
forward-looking statements to reflect events or circumstances after
the date of these materials. www.clariant.com
Clariant is a focused, sustainable and innovative specialty
chemical company based in Muttenz near Basel/Switzerland. On 31
December 2020, the company employed a total workforce of 13 235. In
the financial year 2020, Clariant recorded sales of CHF 3.860
billion for its continuing businesses. The company reports in three
business areas: Care Chemicals, Catalysis and Natural Resources.
Clariant’s corporate strategy is led by the overarching purpose of
‘Greater chemistry – between people and
planet’ and reflects the importance of connecting
customer focus, innovation, sustainability, and people. |
- Clariant Media Release_ScientificDesign stake sold_20220202
EN
- Clariant Media Release_ScientificDesign stake sold_20220202
DE
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