(CercleFinance.com) – Clariant announced on Wednesday the closure of its Romanian bioethanol plant, a decision which will result in an impact of between 110 and 140 million Swiss francs on its cash flow in 2024.
Production at the Podari ‘sunliquid’ site started in spring 2022, but the Swiss chemicals group chose to begin a strategic evaluation of this asset during the summer in the face of operational performance deemed insufficient.
Clariant adds that it also plans to scale back its activities linked to the biofuels sector at its three German sites in Straubing, Planegg and Munich.
All these restructuring measures will result in provisions ranging from 60 to 90 million Swiss francs during the fourth quarter, with a direct impact on Ebitda.
An additional charge of 110 million Swiss francs, including in particular a provision for depreciation on the Podari installations, will also be included in the quarterly and annual accounts.
Concerning the 2024 financial year, Clariant estimates the impact of these decisions on its cash flow at between 110 and 140 million Swiss francs.
Following these announcements, Clariant shares fell 0.9% on Wednesday morning on the Zurich Stock Exchange.
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