ICL today announced that its ICL Industrial Products segment has sold its Clearon Corp. business unit to Hui Yu Xin American Corp., a subsidiary of Dalian Hui Yu Xin Technology Development Co., Ltd., a Chinese specialty chemicals company.
Clearon is a leading manufacturer and supplier of water treatment chemicals for the pool and spa industry. The sale does not include ICL’s brominated biocides business for industrial applications which is a core activity and which ICL will continue to operate separately from Clearon. Clearon intends to continue to sell brominated biocide products to the pool and spa industry.
The sale of Clearon is part of ICL’s ‘Next Step Forward’ strategy to divest its non-core businesses to focus on its core businesses in the agriculture, food and engineered materials markets and to optimize its positioning in those markets.
Commenting on the transaction, ICL Industrial Products President, Charles Weidhas, stated, “We are delighted to sell Clearon to an industry leader like Dalian which intends to further develop Clearon’s world-class pool and spa water treatment business. We view Dalian as an optimal owner for Clearon, and believe it will build on Clearon’s strong reputation as a market leader with premier water treatment products and service capabilities. This is an optimal transaction for ICL and Dalian, as well as for Clearon’s dedicated managers and employees. We wish them much success going forward in the future.”
Source: ICL
The separation is expected to be completed by early Q3, following the receipt of all relevant approvals, including final Board approval. Nouryon intends to reduce its own debt with proceeds received from a planned external financing by Nobian.
Trinseo became a producer of the resin when it acquired Arkema’s PMMA business. It announced that it closed on the €1.14bn deal earlier this month.
As part of the EU’s Single-Use Plastic Directive (SUPD), it will become mandatory for caps and lids to remain attached to all beverage containers up to three liters in capacity from 2024.
