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This amount is payable at closing, which is expected by Q3 2020.
December 20, 2019
By: Anthony Locicero
Copy Editor, New York Post
Clariant agreed to sell its entire Masterbatches business to PolyOne. The transaction values the Masterbatches business at roughly $1.56 billion, representing c. 12.2 times the last twelve months reported EBITDA (ending September 2019) on a cash and debt-free basis. This amount is payable at closing, which is expected by Q3 2020. “This announcement is a significant milestone on our path to focussing on businesses with above-market growth, higher profitability and stronger cash generation. After the successful divestment of Healthcare Packaging in October 2019 the agreement to sell Masterbatches is an important step in delivering on our strategy defined in 2015 to concentrate on our three core Business Areas Care Chemicals, Catalysis and Natural Resources”, said Hariolf Kottmann, executive chairman of Clariant. “As announced, we are confident that we will execute the remaining divestment of our Pigments business in 2020 in order to build the new, more focused and stronger Clariant by 2021.” The proceeds from the intended divestments of Clariant’s non-core businesses will be used to invest in innovations and technological applications within the core Business Areas, to strengthen Clariant’s balance sheet and to return capital to shareholders. As a consequence of the divestment of the Masterbatches business, as well as the anticipated divestment of the Pigments business by the end of 2020, Clariant’s Board of Directors is proposing an extraordinary cash distribution of CHF 3.00 ($3.09) per share to the Clariant Annual General Meeting to be held on March 30, 2020. Subject to a positive vote of Clariant’s shareholders, the extraordinary distribution of approx. CHF 1 billion will be paid outpost the closing of the divestment of the Masterbatches business. The deal with PolyOne comprises two separate transactions. The global Masterbatches business is sold in a deal valued at $1.5 billion, representing c. 12.1 times the last 12 months reported EBITDA (ending September 2019). Separately, the sale of Clariant’s Masterbatches business in India has been approved by Clariant Chemicals (India) Limited’s Board of Directors and is valued at INR 4,260 million or ($59.7 million), representing c. 17.3 times the last 12 months reported EBITDA (ending September 2019). Clariant Chemicals (India) Limited is listed on the stock exchanges in India with Clariant AG holding a 51% controlling stake.
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