31 Aug 2009
Clariant sells specialty silicones business to affiliate of GenNx360 Capital Partners
CHARLOTTE, N.C., August 31, 2009 - Clariant has sold its specialty silicones business, including its Gainesville Florida facility, to SiVance LLC, an affiliate of New York-based GenNx360 Capital Partners. GenNx360 is a private equity firm focused on industrial business-to-business companies.`Financial terms of the transaction, which is effective September 1, were not disclosed.
The Gainesville-based business specializes in the use of silicone-based chemistry for ingredients used in construction, personal care, pharmaceutical and electronics markets.`The business employs about 120 people, all of whom are expected to transfer to SiVance.``Clariant acquired the specialty silicones business and the Gainesville site in 2000 through the company’s purchase of UK-based BTP.
“The sale is good news for Gainesville site employees, for SiVance and GenNx360 Capital Partners and for Clariant,” says Clariant’s North American region head Ken Golder. “We have decided to divest this business because its focus on developing complex but small-quantity silicone products is not closely aligned to Clariant’s business model and strategic direction.”
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4132 Muttenz 1
Switzerland
Notes for editors
Clariant - Exactly your chemistry.
Clariant is a global leader in the field of specialty chemicals. Strong business relationships, commitment to outstanding service and wide-ranging application know-how make Clariant a preferred partner for its customers.
Clariant, which is represented on five continents with over 100 group companies, employs around 20,000 people. Headquartered in Muttenz near Basel, Switzerland, it generated sales of CHF 8.1 billion in 2008. Clariant's businesses are organized in four divisions: Textile, Leather & Paper Chemicals, Pigments & Additives, Masterbatches and Functional Chemicals.
Clariant is committed to sustainable growth springing from its own innovative strength. Clariant's innovative products play a key role in its customers' manufacturing and treatment processes or else add value to their end products. The company's success is based on the know-how of its people and their ability to identify new customer needs at an early stage and to work together with customers to develop innovative, efficient solutions.
About GenNx360 Capital Partners
New York-based GenNx360 Capital Partners is committed to delivering superior returns to investors in all its portfolio companies.`The firm acquires companies with proven and sustainable business models in expanding industries and implements the required operating changes to deliver cost efficiencies and grow reinvestment opportunities. The firm's proven business methodology is based on more than 100 years of partner experience successfully running global businesses. For more information, please visit www.gennx360.com.
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