Sabic-Ceo Yousef Al-Benyan: “Clariant is a strong company with an impressive track record and will continue its journey with Hariolf Kottmann as the new president. Special chemicals are an important part of SABIC`s strategy. We consider ourselves a responsible and long-term strategic shareholder, and the governance agreement underscores our commitment to creating values for all stakeholders. The governance changes will not affect other elements of Clariant`s governance structure. Clariant is headquartered in Muttenz, Switzerland, headquartered and Corporate Center in Pratteln, Switzerland. Clariant shares remain listed on the SIX Swiss Exchange. As part of the governance agreement, Clariant`s Board of Directors will increase from 10 to 12 members, four of whom are appointed by SABIC. Shareholders must approve the change at a meeting scheduled for October 16. The new joint venture and governance agreement announced Tuesday marks the first concrete signs of how white knight SABIC transformed the specialized chemical group that U.S. activists had targeted in January. Muttenz, September 18, 2018 – Clariant and SABIC, two world leaders in the chemicals sector, today jointly announced the signing of a governance agreement defining Clariant`s principles of future governance, defining SABIC`s position as a strategic anchor shareholder and confirming Clariant`s independence as a publicly traded company under the Swiss corporate government. .
In 2015, Saudi Arabian oil group Saudi Aramco bought half of Germany`s Synthetic Rubber Lanxess-LXSG.DE business for about 1.2 billion euros. . Sabic Specialties Executive Vice President Ernesto Occhiello, 58, will take over the company next month. Kottmann, 62 years old and CEO for 10 years, is now president. Clariant will retain the majority of the new business, which combines its high-end additives and masterbatches divisions with parts of the SABIC Specialties division. ZURICH/BERLIN (Reuters) – Switzerland`s Clariant CLN. S and the new anchor shareholder Saudi Basic Industries Corp (SABIC) 2010.SE will converge their high-performance materials business and install a SABIC director at the head of the group while strengthening their partnership. .
Middle Eastern companies have sought to expand into advanced downstream chemicals such as catalysts produced by Clariant, in order to speed up processes in chemical plants.