Switzerland-based specialty chemicals manufacturer Clariant International Ltd. has completed the sale of its Textile Chemicals, Paper Specialties and Emulsions businesses to New York City-based private equity firm SK Capital Partners for approximately $470 million.
The three businesses have been reorganized under a new Switzerland-based company named Archroma. Archroma Paper Solutions is being managed from Switzerland, while Archroma Textile Specialties management is located in Singapore and Archroma Emulsion Products management is in Brazil.
The sale includes the transfer of 2,900 Clariant employees in 35 countries to Archroma, as well as 25 production sites. In 2012, Clariant's Textile Chemicals, Paper Specialties and Emulsions businesses generated revenues totaling some $1.3 billion, or approximately 15 percent of Clariant's total group sales.
