Clariant to sell units to repair balance sheet.

(From FT Investor (Stories))

Clariant, the heavily indebted Swiss chemicals company, is to sell a number of businesses, including cellulose ethers and electronic materials, in an effort to repair its strained balance sheet.

The group, which reported worse-than-expected first-half losses, will also close four struggling agrochemical plants to boost its return on invested capital.

Ronald Losser, the new chief executive, ruled out a rights issue, saying the measures announced on Tuesday would raise more than SFr1.5bn ($1.11bn) and improve its return on capital from 7 per cent to 12 per cent within three years.

Clariant has debts of SFr3.7bn, …