The Heubach Group has acquired Clariant’s Pigments Business Unit and appointed Stefan Doboczky as the new CEO.
The specialty chemicals company Clariant has announced the completion of the divestment of its Pigments business unit to the Heubach Group, a pigment manufacturer, and SK Capital Partners, a private equity company specialised on the chemical and pharmaceutical industries. The new joint venture will operate under the brand Huebac.
The base enterprise value of the sale amounts to CHF 805 million (around $874 million), subject to closing accounts adjustments and before a potential earn-out payment which is subject to the business’ 2021 financial performance. Clariant will retain a 20 % stake in the new holding company, that will employ almost 3.000 employees and generate approximately €1 billion in annual sales.
Clariant’s net cash inflow after roll-over and initial debt adjustments – but before closing account adjustments, tax, transaction cost and a potential earn-out payment – is set to to approximately CHF 615 million ($670 million). The company has declared that it intends to use these proceeds to invest into growth projects
within the core Business Areas, execute the strategy along sustainability and innovation, fund the performance improvement programmes as well as strengthen its balance sheet to reach and defend a solid investment rating.
“The Pigments divestment concludes Clariant’s transformation into a high-value specialty chemical company, allows us to invest in profitable growth in our most attractive segments and to address the increasing demand for more sustainable products. We are convinced that the Heubach and SK Capital consortium is the best owner of the Pigment activities and I wish our former colleagues all the best in their new environment. Clariant looks forward to participating in the group’s further development as a shareholder,” stated Conrad Keijzer, the Chief Executive Officer of Clariant.
The new society, headquartered in Wien (Austria) will then become a global supplier of colouring solutions thanks to its expanded portfolio, that will include organic and inorganic pigments, corrosion protection solutions and specialty chemicals manufactured in 19 sites in Europe, America, Asia and Africa. The new CEO of Heubach Group will be Stefan Doboczky, who possesses an extensive experience of over 20 years in managing position, as he was a member of the Board of Royal DSM, Dutch Life Science and Material Science Group, as well as the CEO of Lenzing AG.
“I am looking forward to being part of the new Heubach Group. I am convinced that, by combining these two successful companies, we will be able to offer our customers in the pigment industry an extremely valuable range of products,” affirmed Doboczky.
“The new Heubach is a worldwide organisation with great expertise, technologies and assets. Excellent product quality and sustainability are fundamental aspects for us. We are well positioned to create significant value for our customers and business partners in all sectors in which we operate,” commented Johann Heubach from the Heubach Group.
“The combination of Heubach and Clariant Pigments has created a leading company in the industrial sector that is committed to ensuring the highest standards of production, quality and service. We will be happy to support the management in the growth and improvement of the Company by investing in expertise, innovation and market expansion,” also added the Managing Director of SK Capital, Aaron Davenport.