Clariant buys Sued-Chemie for 2 bn euros
Swiss chemical group Clariant on Wednesday said it was acquiring Germany's Sued-Chemie in a transaction worth two billion euros ($2.71 billion).
The Swiss company said it would buy Sued-Chemie shares belonging to Equity Partners at 121 euros each while the majority of stock currently held by family shareholders will be swapped for Clariant shares at a ratio of 1 to 8.84.
"We are convinced that Sued-Chemie is the right strategic fit for Clariant ... Sued-Chemie will further drive our profitable growth forward in the coming years," Clariant chief executive Hariolf Kottmann said.
The German specialty chemicals group employs 6,500 people and posted sales of 1.2 billion euros for 2010.
On Wednesday, Clariant also reported a 2010 net profit of 191 million francs (146 million euros, $198 million), reversing a loss of 194 million francs in 2009.
Sales rose 8.0 percent to 7.12 billion francs.
The group warned that commodity prices are expected to rise in 2011, with raw material costs increasing in the "high single-digit range."
Sales for 2011 meanwhile are expected to grow in the low-single-digit range, it added.
© 2011 AFP