Clariant completes sale of North American Land Oil business
- North American Land Oil business acquired by Dorf Ketal for USD 14.5 million
- The business generated sales of USD 115 million in 2022
- The divestment is a further step to structurally improve Clariant’s portfolio and sustainability profile
MUTTENZ, APRIL 3, 2023
Clariant, a focused, sustainable, and innovative specialty chemical company, today announced the completion of the divestment of its North American Land Oil business to Dorf Ketal, a specialty chemicals manufacturer and service provider headquartered in India, for USD 14.5 million on 31 March 2023.
Clariant’s North American Land Oil business is a provider of chemical technologies and services to the North American oil and gas industry and generated sales of USD 115 million in 2022. After seeing strong growth in 2018 and 2019, the global oil industry entered a crisis in 2020. This prompted a strategic review which concluded that the NORAM Land Oil business is primarily service-oriented with a limited focus on sustainable solutions and will not reach profitability levels expected for a specialty chemicals portfolio.
“Clariant is a true specialty chemicals company whereas the North American Land Oil business is primarily a distribution and service business,” said Conrad Keijzer, Chief Executive Officer at Clariant. “We are therefore glad that, with Dorf Ketal, we have found the right owner for our customers and our employees. I want to express my gratitude to our former colleagues and wish them all the best in their new environment.”
The North American Land Oil business employs 180 professionals in the USA and Canada.
| CORPORATE MEDIA RELATIONS
Jochen Dubiel
Anne Maier
Ellese Caruana | INVESTOR RELATIONS
Andreas Schwarzwälder
Maria Ivek
Thijs Bouwens |
| Follow us on Twitter, Facebook, LinkedIn, Instagram.
This media release contains certain statements that are neither reported financial results nor other historical information. This document also includes forward-looking statements. Because these forward-looking statements are subject to risks and uncertainties, actual future results may differ materially from those expressed in or implied by the statements. Many of these risks and uncertainties relate to factors that are beyond Clariant’s ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behavior of other market participants, the actions of governmental regulators and other risk factors such as: the timing and strength of new product offerings; pricing strategies of competitors; the Company’s ability to continue to receive adequate products from its vendors on acceptable terms, or at all, and to continue to obtain sufficient financing to meet its liquidity needs; and changes in the political, social and regulatory framework in which the Company operates or in economic or technological trends or conditions, including currency fluctuations, inflation and consumer confidence, on a global, regional or national basis. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this document. Clariant does not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date of these materials.
www.clariant.com
Clariant is a focused, sustainable, and innovative specialty chemical company based in Muttenz, near Basel/Switzerland. On 31 December 2022, Clariant totaled a staff number of 11 148 and recorded sales of CHF 5.198 billion in the fiscal year for its continuing businesses. As of January 2023, the Group conducts its business through the three newly formed Business Units Care Chemicals, Catalysts, and Adsorbents & Additives and will report accordingly. Clariant’s corporate strategy is led by the overarching purpose of ‘Greater chemistry – between people and planet,’ and reflects the importance of connecting customer focus, innovation, sustainability, and people. | |
Attachments
- Clariant Media Release Closing Divestment NORAM Land Oil Business EN 20230403
- Clariant Media Release Closing Divestment NORAM Land Oil Business DE 20230403
