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Clariant to conclude talks on pigments divestment within weeks, workforce reductions on track

January 12/2021

MOSCOW (MRC) -- Clariant said in last week's presentation to analysts that talks for the previously announced sale of the company's pigments business will conclude in the coming weeks and an agreement is expected to be signed in the second quarter, according to Chemweek.

In addition, a reduction of the company's workforce by approximately 600, part of efficiency measures announced in February 2020, and a similar plan for its regional organizations and service units that will reduce Clariants workforce by a further 1,000, are on schedule, the company said.

Stephan Lynen, CFO at Clariant, said during the presentation that Clariant is in talks with potential buyers, including financial and industry companies, for the pigments business, and that the divestment is expected to close by the fourth quarter of 2021.

Conrad Keijzer, who assumed responsibility as Clariants new CEO on 1 January 2021, noted that restructuring the company is a priority and the workforce-reduction programs are on track and need to be completed.

Lynen said that the plan to reduce the companys workforce by 600 is expected to be completed by the end of 2021. Meanwhile, the effects of the reorganization that will result in 1,000 job cuts, equivalent to about 6% of the company's total workforce - of which one third will be lost as a result of planned divestments - will be felt in 2021 and 2022, he said.

As MRC informed before, in October 2020, Clariant (Muttenz, Switzerland) announced the construction of a new state-of-the-art catalyst production site in China. This project represents a significant investment which further strengthens Clariants position in China and enhances its ability to support its customers in the countrys thriving petrochemicals industry.

The new facility will be primarily responsible for producing the Catofin catalyst for propane dehydrogenation, which is used in the production of olefins such as propylene. Thanks to its excellent reliability and productivity, Catofin delivers superior annual production output compared to alternative technologies, resulting in increased overall profitability for propylene producers, says the company. Construction at the Dushan Port Economic Development Zone in Jiaxing, Zhejiang Province was scheduled to commence in Q3 2020, and Clariant expects to be at full production capacity by 2022.

Propylene is the main feedstocks for the production of polypropylene (PP).

According to MRC's DataScope report, PP imports into Russia increased by 21% year on year to about 202,000 tonnes in the first eleven months of 2020. Propylene homopolymer (homopolymer PP) accounted for the main increase in imports.

Clariant AG is a Swiss chemical company and a world leader in the production of specialty chemicals for the textile, printing, mining and metallurgical industries. It is engaged in processing crude oil products in pigments, plastics and paints.


mrcplast.com
Author:Margaret Volkova
Tags:PP, homopolymer PP, petrochemistry, paints and coatings, Clariant International, China, Russia, Switzerland.
Category:General News
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