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Clariant continues recovery

Industry News | May 1, 2008 | By:

Clariant AG, Muttenz, Switzerland, the world’s second-largest specialty chemical manufacturer, recovered some lost ground by posting a smaller than anticipated fourth-quarter loss in mid-February. The company, which transforms crude oil derivatives into pigments, plastic additives, dyes and optical brighteners, closed nine factories and cut 800 jobs after failing to post an annual profit since 2005. The chemical maker had a 7 percent increase in raw material costs and raised prices by 1 percent, but the price of oil continues to increase as well. It is likely, analysts say, that Clariant will dispose of some of its diverse businesses, including those manufacturing ethylene-based products, textiles and leather, to continue the recovery.

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