Abstract
Completing a portfolio restructuring, the Swiss chemical maker Clariant has agreed to sell its pigment business to the US private equity firm SK Capital Partners and a German pigment competitor, Heubach Group, in a deal valued at $900 million. Heubach is a family-owned company that has been in the pigment business since 1806. Both Clariant and Heubach have similar lines of organic pigments for applications including coatings, plastics, and inks. Clariant’s business is much larger, with annual sales of about $1 billion against Heubach’s $250 million. “The fit between Heubach and Clariant Pigments is perfect,” Heubach CEO Johann Heubach says in a statement. Upon completion of the transaction, which is expected in the first half of 2022, SK will own a stake in the combined company. Clariant will keep a 20% interest and may be entitled to a $56 million milestone payment based on performance. SK has racked up similar
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