With the billion euro acquisition of Süd Chemie, Clariant has implemented the intergration faster and more rigid than planned. As CEO of the chemical enterprise, Hariofl Kottmann, has said in a conversation with Financial Times Deutschland, more than two thirds of job cuts will be carried out this year. The initial name and logo will be changed and replaced with a new one. Süd Chemie will begin as Clariant at the beginning of the month in Germany.
Germany is the first country in which the integration of Süd-Chemie AG has been legally completed. Since July 1, 2012, employees in the service functions have belonged to Clariant SE, the European company that handles Clariant's service functions for all EU countries and Switzerland. From now on production, research and distribution staff are employed by Clariant Produkte (Deutschland) GmbH. Due to differences in regional conditions, the integration of all Süd-Chemie companies worldwide will be completed on a step-by-step basis by the end of 2013.
Clariant announced its intention to acquire Süd-Chemie in February 2011. The knowledge and experience within the two companies will enable Clariant to further expand its leading position in specialty chemicals. The new business units Catalysis & Energy and Functional Materials will open up strong growth prospects in leading future technologies.
As part of the acquisition, in February 2011 Clariant reached agreements with the majority shareholder One Equity Partners (50.4%) and the family shareholders (around 46%) to acquire a total of 96.15% of the outstanding shares. The total value of the transaction was EUR 2.0 billion (CHF 2.5 billion). In November 2011 a General Meeting held by Süd-Chemie AG, Munich, approved the transfer of all shares held by minority shareholders to the majority shareholder Clariant AG, Muttenz/Switzerland in exchange for reasonable cash compensation (known as a squeeze-out) amounting to EUR 125.26 per Süd-Chemie share. The squeeze-out became effective in November 2011.
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