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Clariant Will Form A Joint Venture With SABIC

- Sep 20, 2018 -


According to a Reuters report on September 18th in Zurich, Clariant said on Tuesday that it will merge its Saudi Arabian Foundation Industries (SABIC) with its high-performance materials business to focus on high-value specialty chemicals.


Under the terms of the transaction, Clariant will hold a majority stake in the new combined business, which will combine its additive and high-value masterbatch business with some of SABIC's professional business.


The company said in a statement that by 2020, Clariant will sell the remaining plastics and coatings business.


In pre-market trading, Clariant's stock rose 5.8%.


According to a management agreement signed on Tuesday, Clariant's board of directors will be expanded from the current 10 members to 12, of which 4 will be nominated by SABIC.