Clariant AG: Clariant and India Glycols tap into green renewables megatrend by forming joint venture
Muttenz, March 11, 2021– Clariant, a focused, sustainable and innovative specialty chemical company, and India Glycols Limited (IGL), a leading company in the manufacturing of green technology-based chemicals, today announced a strategic partnership to establish a 51-49% joint venture in renewable ethylene oxide (EO) derivatives.
By combining production and distribution capacity, the joint venture is expected to become a leading supplier of renewable materials to the rapidly growing consumer care market in India and neighboring countries, while providing Clariant the ability to leverage the EO derivatives globally across the home care, personal care and industrial applications segments of its Industrial and Consumer Specialties business. The partnership is subject to customary regulatory approvals.
“This opportunity to partner with India Glycols is an important step in Clariant’s journey to strengthen our core portfolio, while adding value with sustainability. It enhances the capacity of our Industrial and Consumer Specialties business in India and beyond, whereas the access to renewable Ethylene Oxide broadens our global offering to customers and this makes Clariant a leader in “green” Ethylene Oxide Derivatives”, said Conrad Keijzer, CEO of Clariant.
“The partnership is in line with IGL’s strategy to promote value added products through sustainable green chemistry in the domestic market while expanding footprints in global markets. IGL being the largest manufacturer of green EO in the world, which is based on a unique and green production process using bio-ethanol, would continue to leverage its strength in further developing complex and sustainable chemistry to create value for its shareholders”, commented U.S. Bhartia, Chairman of India Glycols Limited.
Under the terms of the proposed agreement, India Glycols will contribute its renewable Bio-EO Derivative business to the joint venture, which includes a multipurpose production facility including an alkoxylation plant located in Kashipur, Uttarakhand (India). In return, Clariant will contribute its local Industrial and Consumer Specialties business in India, Sri Lanka, Bangladesh and Nepal, held by Clariant India Ltd., as well as a net cash payment to attain a 51% stake and thus majority ownership. Clariant International Ltd. will be the sole Clariant shareholder in the JV. Mr. U.S. Bhartia would be the designated chairman of the joint venture.
Christian Vang, Global Head of Clariant’s Business Unit Industrial & Consumer Specialties, added: “By partnering with India Glycols, Clariant will become one of the established players for ethylene oxide derivates in India and provide products on a renewable basis. By working closely together and leveraging the unique capabilities of both parties, we see opportunities for profitable growth based on strong local organic demand as well as the global megatrend for renewable products.”
The joint venture will market Clariant’s entire range of Industrial and Consumer Specialties products in the previously mentioned countries, while all other global markets shall be served by Clariant. To support production, India Glycols has agreed to a long-term supply agreement for ethylene oxide made from bio-ethanol as well as further utilities. At its inception, the joint venture will have approximately 200 employees.
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This media release contains certain statements that are neither reported financial results nor other historical information. This document also includes forward-looking statements. Because these forward-looking statements are subject to risks and uncertainties, actual future results may differ materially from those expressed in or implied by the statements. Many of these risks and uncertainties relate to factors that are beyond Clariant’s ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behavior of other market participants, the actions of governmental regulators and other risk factors such as: the timing and strength of new product offerings; pricing strategies of competitors; the Company’s ability to continue to receive adequate products from its vendors on acceptable terms, or at all, and to continue to obtain sufficient financing to meet its liquidity needs; and changes in the political, social and regulatory framework in which the Company operates or in economic or technological trends or conditions, including currency fluctuations, inflation and consumer confidence, on a global, regional or national basis. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this document. Clariant does not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date of these materials.
|Clariant is a focused, sustainable and innovative specialty chemical company based in Muttenz, near Basel/Switzerland. On 31 December 2020, the company employed a total workforce of 13 235. In the financial year 2020, Clariant recorded sales of CHF 3.860 billion for its continuing businesses. The company reports in three business areas: Care Chemicals, Catalysis and Natural Resources. Clariant’s corporate strategy is based on five pillars: focus on innovation and R&D, add value with sustainability, reposition portfolio, intensify growth, and increase profitability.|
- Clariant Media Release JV India Glycols 20210311 EN
- Clariant Media Release JV India Glycols 20210311 DE
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