Clariant International AG
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Clariant to halt project in the U.S.
Ad-hoc-announcement processed and transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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Clariant to halt project in the U.S.
Muttenz/Switzerland, June 16, 2003 – Clariant today announced that a project in
the Functional Chemicals Division would be terminated with immediate effect.
Expenditure on the U.S. plant to date will be written off; however immediate
measures to compensate for this write down have already been initiated.
As previously reported the start-up of a large-scale plant for detergent raw
materials in the U.S. has been delayed due to technical difficulties.
Intensive testing of the plant has now demonstrated that the required
specifications cannot be achieved in time. Furthermore there is no indication
that the requirements can be met within adequate time and budget. Therefore
Clariant has decided to terminate the project with immediate effect.
The plant manufactures a customer specific product and will therefore be
entirely written off in the second quarter. The write-off Charge amounts to CHF
120 m. This charge will be balanced by short-term cost reduction measures that
have already been initiated. These include a number of savings in the area of
administrative and personnel cost, which are set to benefit Clariant’s second
quarter results significantly. These measures are in addition to the
rationalization programs already planned in the Life Science and overhead costs
areas.
The project termination does not impact overall liquidity and equity levels
remain as at year-end 2002.
Your contacts at Clariant
Media Relations
Christoph Hafner Tel. +41 61 46967 46
Rainer Weihofen Tel. +41 61 46967 42
Fax +41 61 46969 99
Investor Relations Tel. +41 61 469 67 48
Fax +41 61 469 67 67
Iris Welten Tel. +41 61 469 67 47
Holger Schimanke Tel +41 61 469 67 45
Daniel Leuthardt Tel. +41 61 469 67 49
http://www.clariant.com
end of ad-hoc-announcement (c)DGAP 16.06.2003
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WKN: 895929; ISIN: CH0012142631; Index: SMI
Listed: Amtlicher Markt in Frankfurt (General Standard); Freiverkehr in Berlin-
Bremen, Düsseldorf, München und Stuttgart; Schweizer Börse (Hauptsegment); SEAQ-
Handel in London
160736 Jun 03
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