Swiss specialty chemicals group Clariant has snapped up German rival Süd-Chemie in a deal worth €2 billion (SFr2.6 billion), its first major buy in a decade.
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Clariant, based at Muttenz near Basel, on Wednesday posted a fourth-quarter net profit of SFr47 million ($48.8 million). A Reuters poll had predicted a net loss of SFr5.4 million.
The group, which makes products that end up in a variety of goods, from shampoos to tyres and flat screen televisions, said it was looking forward to a stable business environment in 2011 as demand comes from the emerging markets.
The Süd-Chemie deal would add SFr1.6 billion in sales to Clariant, the group said, adding that the German firm was less exposed to the volatility of raw materials.
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Clariant sheds 570 more jobs and closes plants
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The company, which makes pigments for a wide range of products from textiles to cars, has already announced more than 2,000 job cuts this year in a restructuring programme. Clariant, which is based near Basel, on Thursday said the aims of the cuts and closures was to “further optimise its global network in order to…
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Swiss engineering firm Sulzer announced 1,400 global redundancies on Wednesday while chemicals maker Clariant confirmed 500 job losses at the weekend. Other manufacturers, the watch and finance industries are also laying off workers. The run of bad news appears to confirm the expectation of economists that some 5.5 per cent of the workforce will be…
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