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E-News Update February 2011 |
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Clariant to take over Süd-Chemie
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wiss chemicals group Clariant is planning to acquire a controlling stake in biotechnology process company Süd-Chemie for EUR2 billion. Since the deal is subject to approval from relevant authorities, Clariant has signed a contract with its owners, One Equity Partners (50.4%) and the family shareholders (around 46%). In other news, Clariant reported a 13% increase in sales last year, with 8% higher sales in the fourth quarter of 2010.The shares of One Equity Partners will be bought at a price of EUR121 per Süd-Chemie share. The vast majority of the Süd-Chemie family shareholders will swap their shares into Clariant shares at a ratio of 1:8.84.
With around 6,500 employees in 40 countries, Süd-Chemie operates two stable and profitably growing business units that hold a global leading position in the areas of process catalysts and adsorbents. Furthermore, Süd-Chemie has a strong R&D pipeline for new business areas with substantial growth potential, including materials for lithium-ion batteries and biotechnology, for example technology for the production of second generation bioethanol.
With turnover of EUR1,225 million and EBITDA of EUR191 million, Süd-Chemie generated an EBITDA margin in 2010 of 15.6%.
Clariant CEO Hariolf Kottmann says the purchase complements the company's portfolio with high growth businesses, less cyclicality and it provides Clariant access to new attractive market segments. "Süd-Chemie will further drive our profitable growth forward in the coming years," he added.
The transaction is expected to be completed in the first half of this year, once all necessary regulatory approvals, including anti-trust, are obtained.
In other news, Clariant's 2010 sales totalled CHF7.12 billion, compared to CHF6.614 billion in 2009. This represents an increase of 13% in local currency and 8% in Swiss francs.
The double-digit sales growth in local currency was the result of the robust global economic growth supported by restocking activities in parts of the portfolio in the first half of the year. All regions reported double-digit sales growth in local currencies. In the course of the year, demand returned to normal seasonal patterns, with lighter demand during the summer months and a slowdown in industrial production towards the end of the year. Lower idle facility costs, successful price management and lower production costs resulting from the benefits of the restructuring programme pushed the gross margin from 23.5% in the year-ago period to 27.9%.
Clariant reported 8% sales growth in local currency in the fourth quarter. In Swiss francs, sales were slightly lower, at CHF1,700 million compared to CHF1,710 million a year ago. Sales volume increased by 4% and sales prices were up 4% year-on-year