Clariant Closes Sale of Land Oil Business to Dorf Ketal
Clariant closed on Apr. 3 the sale of its North American land oil business to Indian specialty chemicals manufacturer Dorf Ketal for $14.5 million. The Swiss group said the divestment is a further step to structurally improve its portfolio and sustainability profile.
The land oil business, which generated sales of $115 million in 2022, provides chemical technologies and services to the North American oil and gas industry. After strong growth in 2018-2019, the global oil industry entered a crisis in 2020, which prompted a strategic review, Clariant said. It concluded that the land oil business would not reach the profitability levels expected for a specialty chemicals portfolio.
“Clariant is a true specialty chemicals company whereas the North American land oil business is primarily a distribution and service business,” said Clariant CEO Conrad Keijzer. “We are therefore glad that, with Dorf Ketal, we have found the right owner for our customers and our employees.” The business employs 180 workers in the US and Canada.
In January, Dorf Ketal made another acquisition, this time taking the global modified and synthetic acid business of Canada’s Fluid Energy. The business reported a turnover of more than C$80 million in 2022.
Author: Elaine Burridge, Freelance Journalist
