Clariant eyes raising $2 bln from sales of plastics, coatings operations

Swiss speciality chemicals maker, Clariant, is looking forward to raise $2 billion from selling portions of its plastics and coatings business, its chief executive Hariolf Kottmann told Tages-Anzeiger newspaper.

Clariant and 25 percent-shareholder, SABIC, are merging their high-performance materials businesses, a move that will include the sale of some plastics and coatings activities.

The Saudi Arabian company is now the single biggest shareholder of Clariant.

Kottmann, who is stepping down as CEO to become chairman of Clariant, said he is still convinced SABIC has no plans to take its stake to a majority. 

SABIC, a long-standing partner of Clariant in the Catalyst joint venture, Scientific Design, entered into a purchase agreement regarding the acquisition of the stake in Clariant in January this year.