Clariant plans to divest Leather Services Business to Stahl
Clariant announced that it plans to sell its Leather Services business to Stahl. Stahl Holdings B.V., majority-owned by Wendel Group, is a Dutch company providing high quality chemicals, dyes and coatings for leather and other applications. The combination of both businesses would create a global leader in leather chemicals with a higher growth profile than the stand-alone entities and with significant synergy potential.
In the proposed transaction, Clariant would receive 23% of the shares of Stahl and a cash payment of approximately CHF 85 million in exchange for the sale of its business to Stahl, valuing Clariant’s Leather Services business at approximately 7.5 times estimated EBITDA. Subject to the necessary regulatory approvals and employees consultations, the transaction could be finalized in 2014. Wendel would remain the principal shareholder of Stahl with approximately 70% of Stahl’s capital.
“Through this planned transaction, Clariant will achieve its goal to actively participate in the consolidation of the leather chemicals industry by creating the global leader”, CEO Hariolf Kottmann said. “For Clariant, the proposed transaction marks the last big step in repositioning the portfolio. The group is now in a better position to exploit its strong market presence and intensify growth by focusing on customers and innovation”, Kottmann added.
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