July 26, 2004 – Clariant has agreed to sell its AZ Electronic Materials unit to The Carlyle Group for a total transaction value of CHF 518 million (US$409 million). The acquisition is expected to close in Autumn 2004, and is subject to approval by the relevant competition authorities.
The transaction is part of Clariant’s previously initiated Transformation Program, including the sale of several non-core businesses, wide-ranging performance improvements and job reductions.
AZ Electronic Materials employs approximately 800 people and has manufacturing and research & development sites in Japan, Korea, Taiwan, Germany, France, and the US. In the year ended December 2003, AZ Electronic Materials generated revenues of CHF 441 million.
The Carlyle Group, a global private equity firm, has 23 offices in 14 countries and more than $18.3 billion under management. It has specific expertise in semiconductors and electronic materials through its buyout and venture activities.
The total transaction value of CHF518 million includes a vendor loan note to be held by Clariant of CHF 40 million.