Clariant sells North American land oil business

On October 30, Clariant announced that it had spun off its North American land oil business to Dorf, an India-based specialty chemicals manufacturer and service provider Ketal
。 The divestiture will further improve Clariant's portfolio structure and take a new step towards sustainability, while focusing Clariant's operations on specialty chemicals and value-added solutions
.

Clariant's North American land oil business provides chemical technologies and services to the North American oil and gas industry, with sales of $113 million
in 2021.
Subject to standard closing conditions, the initial sale price was set at $14.
5 million.

The transaction will result in a non-cash impairment of approximately CHF 245 million and will be recorded by the end of the year and will not affect profit
in the third quarter of 2022.
The earnings report said the transaction is still pending approval and is expected to close
in the first quarter of 2023.

Clariant's CEO Schrader emphasized that Clariant's goal is to achieve higher profitability and above-market growth
through sustainability and innovation.
Clariant completed the reshaping
of its portfolio by divesting its medical packaging business in 2019, Masterbatches in 2020 and Pigments in 2022.
Clariant has become a true specialty chemicals company
.
Conrad said the company will implement a new operating model in the fourth quarter, and while incurring some additional restructuring charges, this move will simplify its organizational structure and enable the group to continue to move
towards its 2025 target.