Swiss chemical maker Clariant AG plans to move its Plastics & Coatings business into a separate unit in a bid to further improve profitability after the company reported better-than-expected margins in Q2 2015.
The new unit will comprise of masterbatches, additives, and pigments and will operate as a separate entity from January 1, 2016, the Muttenz, Switzerland-based company said in a statement. The new subsidiaries across the world will be fully owned by Clariant.
“The new Plastics & Coatings subsidiary will further enable differentiated business steering with a clear focus on absolute profitability and cash generation to further safeguard and improve competiveness in already mature markets,” said Clariant CEO Hariolf Kottmann. “This step will also enable us to make appropriate investments in our growth areas.”
The restructuring is not expected to cost any jobs: all 7,000 employees and all assets and liabilities will be retained.