Clariant India to sell 3 businesses to Archroma for Rs 209 crores

Clariant Chemicals (India) Ltd has informed BSE that the Board of Directors of the Company has approved the sale of textile chemicals, paper specialties and emulsions businesses along with employees, assets and liabilities to Archroma India Pvt Ltd, a company owned by SK Spice Sarl, an affiliate of SK Capital Partners, a US based private investment firm, for Rs 209.15 crores.
 
The Board also approved relocation of the masterbatches plant of the company from Kolshet, Thane to Renaissance Industrial & Warehousing Complex situate at Village Vashere, Taluka Bhiwandi, District Thane, Maharashtra, to be operational effective from December, 2013.

ALSO READ: Clariant and Tasnee form masterbatches JV in Saudi Arabia
 
This development (sale of 3 businesses to Archroma India) is a result of SK Capital Partners signing an agreement to acquire the Textile Chemicals, Paper Specialties, and Emulsions businesses of Swiss firm, Clariant AG, for approximately $500 million in December 2012. Recently, SK Capital decided to combine the acquired three divisions of Clariant into an integrated, market-focused, and highly collaborative company under the name Archroma. In fact on 12 September 2013, it announced appointment of a senior leadership team to lead Archroma.