Clariant Said to Plan Exit from ASK Joint Venture With Ashland

Clariant is seeking to unload its stake in ASK Chemicals, a 50:50 joint venture with U.S.-based chemical producer Ashland, according to unconfirmed reports.

People familiar with the transaction told the news agency Reuters that several companies are interested, including private equity investor Sun Capital. Offers would be accepted until the end of February, the reports said.

Based at Hilden, near Düsseldorf, Germany, the company with 1,800 employees produces binding agents and additives for the foundry sector. Clariant has operative control.

Analysts said ASK could be valued at six to seven times the expected 2013 EBITDA of €40 million, which would give the chemical producer an enterprise value of €240-280 million.