Dec 19 (Reuters) - Clariant has sold its business in Venezuela to CMV Quimica for around 1.4 million Swiss francs ($1.76 million), part of an ongoing restructuring push, the specialty chemicals maker
Clariant Divests Venezuelan Business in Strategic Move
Dec 19 (Reuters) - Clariant has sold its business in Venezuela to CMV Quimica for around 1.4 million Swiss francs ($1.76 million), part of an ongoing restructuring push, the specialty chemicals maker said in a statement on Friday.
It said that following the divestment, a 236 million francs cumulative translation adjustment (CTA) would be reclassified to reduce this year's net profit without an impact on the Swiss firm's cash flow.
The company said it was selling the business as part of a strategy to reduce its manufacturing footprint and costs. In 2024, Clariant’s operations in Venezuela generated sales of around 3 million francs and employed around 60 people.
($1 = 0.7947 Swiss francs)
(Reporting by Paolo Laudani in Gdansk, editing by John Revill and Ludwig Burger)
