Clariant posts surprise profit
Swiss specialty chemicals group Clariant has snapped up German rival Süd-Chemie in a deal worth €2 billion (SFr2.6 billion), its first major buy in a decade.
Clariant, based at Muttenz near Basel, on Wednesday posted a fourth-quarter net profit of SFr47 million ($48.8 million). A Reuters poll had predicted a net loss of SFr5.4 million.
The group, which makes products that end up in a variety of goods, from shampoos to tyres and flat screen televisions, said it was looking forward to a stable business environment in 2011 as demand comes from the emerging markets.
The Süd-Chemie deal would add SFr1.6 billion in sales to Clariant, the group said, adding that the German firm was less exposed to the volatility of raw materials.
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