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Clariant Announces Progress On Divested Businesses

Switzerland-based specialty chemicals manufacturer Clariant International Ltd. and New York City-based private equity firm SK Capital Partners have announced progress on the divestment of Clariant's Textile Chemicals, Paper Specialties and Emulsions businesses. Clariant announced in December 2012 that it had agreed to sell the businesses to SK Capital for approximately $545 million (see " Clariant Divests Textile Chemicals, Other Businesses," January/February 2013, TextileWorld.com).

Following completion of the transaction, which is expected to occur at the end of September 2013, the three businesses will be reorganized under a new company named Archroma, which will be based in Switzerland. Archroma Paper Solutions will be managed from Switzerland, while Archroma Textile Specialties will be managed from Singapore and Archroma Emulsions Products from Brazil.

"The project is running full steam ahead," said Clariant CFO Patrick Jany. "I am delighted to see the commitment of the joint separation team as well as the employees of the businesses which are highly motivated and are working on the separation with great professionalism."

"The separation of the Archroma business from Clariant is progressing well, and we are focused on closing the transaction once all transition activities are completed," said Barry Siadat, managing director, SK Capital. "We remain jointly committed to provide our customers with the highest quality products and services throughout this period of transition."

In 2012, Clariant's Textile Chemicals, Paper Specialties and Emulsions businesses generated revenues totaling some $1.3 billion, or approximately 15 percent of Clariant's total group sales, and employed some 3,000 people in 35 countries around the world.

April 30, 2013