TAGS: Sustainability / Natural Adhesives
Clariant announces the sale of its 50% interest in the joint venture (JV) owned by Scientific Design Company to SABIC. The transaction was announced on February 2, 2022.
Clariant's 50% stake in Scientific Design was valued at USD 130 million.
Focus on Sustainability & Innovation
Together with a profit-sharing agreement for the period from January 1, 2021 to the closing of the transaction, the net cash proceeds before taxes and transaction costs are USD 139.4 million.
Proceeds from the sale will be used to invest in growth projects within the core businesses, to implement the strategy with a focus on sustainability and innovation, fund performance improvement programs and strengthen the balance sheet to achieve a solid investment grade rating and defend, to be used.
Source: Clariant