Clariant sells specialty silicones business

01-Sep-09

Clariant has sold its specialty silicones business, including its Gainesville Florida facility, to SiVance LLC, an affiliate of New York-based GenNx360 Capital Partners. GenNx360 is a private equity firm focused on industrial business-to-business companies.`Financial terms of the transaction, which is effective September 1, were not disclosed. The Gainesville-based business specializes in the use of silicone-based chemistry for ingredients used in construction, personal care, pharmaceutical and electronics markets.`The business employs about 120 people, all of whom are expected to transfer to SiVance.``Clariant acquired the specialty silicones business and the Gainesville site in 2000 through the company’s purchase of UK-based BTP. “The sale is good news for Gainesville site employees, for SiVance and GenNx360 Capital Partners and for Clariant,” says Clariant’s North American region head Ken Golder. “We have decided to divest this business because its focus on developing complex but small-quantity silicone products is not closely aligned to Clariant’s business model and strategic direction.”