Swiss Chemicals giant Clariant has entered into an agreement with Ecolab Inc to purchase some of the latter's deep water assets in the Gulf of Mexico. No financial details of the deal were disclosed.
Clariant said that Ecolab was required to divest its assets in order win US approval for the US$2.2 billion purchase of the privately held assets of Champion Technologies Inc.
The US antitrust regulator had required the divestment of assets in order to comply with existing regulations in order to validate the merger.
The assets Clariant would be purchasing include the oil and gas production chemical services for the deep water drilling in the Gulf of Mexico. The deal also adds on to the current path of the firm expanding its deep water operations worldwide.
Clariant had previously sold off its lower margin cyclical units in 2012 and is not in the process of further streamlining as it has sold off its leather, intermediates and detergents businesses to other investors.
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