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The deal came as Clariant, whose products are used to make de-icers, food ingredients and skin and health care products, reported a fall in third-quarter sales and core operating profit
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ZURICH (Reuters) - Clariant Chairman Hariolf Kottmann, who hailed the arrival of Saudi Arabia’s SABIC as the chemical maker’s top shareholder three years ago, became a casualty on Monday of a deal to try to patch up relations between the two sides.
FILE PHOTO: Chief Executive Hariolf Kottmann of the Swiss specialty-chemical company Clariant addresses a news conference in Zurich, Switzerland September 18, 2018. REUTERS/Arnd Wiegmann/File Photo
The Swiss company said Kottmann would not stand for re-election in April.
The 65-year-old has led Clariant for more than a decade, but Saudi Basic Industries Corporation (SABIC) has become increasingly disenchanted with him, particularly after a planned joint venture collapsed in 2019.