Clariant and Huntsman agree to merge
Huntsman Corporation and Switzerland's Clariant AG have reached an agreement to merge, continuing a consolidation push in the chemicals industry.
The merged company will be named HuntsmanClariant. The combination of both companies will create a leading global specialty chemical company with sales of approximately $13.2 billion, an adjusted EBITDA of $2.3 billion and a combined enterprise value of approximately $20 billion at announcement.
Global headquarters in Switzerland
Hariolf Kottmann, current Clariant CEO, shall become Chairman of the Board of HuntsmanClariant. Peter Huntsman, current Huntsman President and CEO, will become CEO of the new company. Global headquarters will be in Pratteln, Switzerland, operational headquarters will be in The Woodlands, Texas.
Perfect deal at the right time
“This is the perfect deal at the right time. Clariant and Huntsman are joining forces to gain much broader global reach, create more sustained innovation power and achieve new growth opportunities,” said Kottmann. ” Huntsman commented: “Together, we will create a global leader in specialty chemicals with a combined balance sheet providing substantial financial strength and flexibility.”
