Clariant AG said Thursday that it has agreed to divest its Masterbatches business to U.S. polymer provider PolyOne Corp. POL, +0.25% for an enterprise value of $1.56 billion.
As previously announced, the proceeds from the divestment will be invested in innovations technological applications for Clariant’s CLN, -0.62% core businesses, the Swiss chemicals company said.
Following this deal and the anticipated sale of its Pigments business by the end of 2020, the company’s board proposed an extraordinary dividend of 3.00 Swiss francs ($3.06) a share that would be distributed in cash, Clariant said. If approved, roughly CHF1 billion would be paid to shareholders, it said.
The sale of Masterbatches should close by the third quarter of 2020, the company said.