Clariant AG / Clariant strengthens its North American oilfield
production chemicals business with two acquisitions . Processed and
transmitted by Nasdaq Corporate Solutions. The issuer is solely
responsible for the content of this announcement.
-- Purchases of Kel-Tech and X-Chem agreed to and
cleared by regulators
-- Clariant adds approx. USD 200 million of sales,
accelerating its growth as a leading provider of
oilfield production chemicals in North America
-- Expanded portfolio, increased presence in key
oil-producing basins, and strong complementary
operational efficiencies add value to expanded
customer base
Muttenz, September 14, 2016 - Clariant, a world leader in specialty
chemicals, today announces two acquisitions in the oilfield production
chemicals business. After closing, the agreed purchases of Kel-Tech Inc.
and X-Chem LLC add approx. USD 200 million of sales, as well as
personnel, technology and expertise to its existing activities in North
America and accelerates the growth of its Business Unit Oil & Mining
Services (OMS) as a leading provider of oilfield production chemicals in
North America.
Clariant will leverage the new companies' brand and innovation to better
meet market needs and expand market presence. The effective closing date
of both acquisitions is October 1, 2016 and they are financed from cash
at hand. All parties involved have agreed to not disclose any further
financial terms.
"It is part of our global strategy to seize business opportunities in
key markets with excellent future prospects through innovations and
bolt-on acquisitions. Both of these acquisitions allow us to strengthen
our position in one of the world's largest specialty chemicals markets,
to benefit from the strong, innovation-driven growth perspective of the
oil services industry in North America and are accretive to our earnings
from year one on," says Hariolf Kottmann, CEO of Clariant.
The purchase of Kel-Tech from current owners Arsenal Capital Partners
has been agreed and received regulatory clearance. Kel-Tech is a
manufacturer and supplier of specialty chemical products for production,
field stimulation, and drilling applications throughout onshore United
States and has its headquarters in Midland, Texas.
In addition, Clariant has agreed to acquire X-Chem, headquartered in
Irving, Texas, from current owner NCH Corporation. This acquisition has
also received regulatory clearance.
X-Chem's operations are focused on land and offshore United States,
where it provides specialty oilfield chemicals for the production,
completion and stimulation of oil wells, gas wells and pipelines.
"The acquisitions are a significant step towards strengthening our
footprint in North America. With this we will offer customers a stronger
and more extensive product offering with customized products and
solutions, while expanding our customer base significantly and gaining
access to strategic oil-producing basins. Both Kel-Tech and X-Chem are
well-run businesses with complementary operational efficiencies, which
we can immediately incorporate into our existing business and combine
with our state-of-the-art technology and R&D," says John Dunne, Global
Head of Clariant's Business Unit Oil & Mining Services.
Corporate Media Relations Investor Relations
Jochen Dubiel Anja Pomrehn
Phone +41 61 469 63 63 Phone +41 61 469 67 45
jochen.dubiel@clariant.com anja.pomrehn@clariant.com
Thijs Bouwens Steven Massheder
Phone +41 61 469 63 63 Phone +41 61 469 68 58
thijs.bouwens@clariant.com steven.massheder@clariant.com
Regional Media Relations
Aimee Hawkins
Phone +1 70 43 31 71 43
aimee.hawkins@clariant.com
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www.clariant.com
Clariant is a globally leading specialty chemicals company, based in
Muttenz near Basel/Switzerland. On 31 December 2015 the company employed
a total workforce of 17 213. In the financial year 2015, Clariant
recorded sales of CHF 5.807 billion for its continuing businesses. The
company reports in four business areas: Care Chemicals, Catalysis,
Natural Resources, and Plastics & Coatings. Clariant's corporate
strategy is based on five pillars: focus on innovation through R&D, add
value with sustainability, reposition portfolio, intensify growth, and
increase profitability.
Press release english: http://hugin.info/100166/R/2041887/762033.pdf
Press release german: http://hugin.info/100166/R/2041887/762034.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Clariant AG via Globenewswire
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Clariant AG
Rothausstrasse 61 Muttenz 1 Switzerland
ISIN: CH0012142631;
http://www.clariant.com
(END) Dow Jones Newswires
September 14, 2016 01:01 ET (05:01 GMT)
