Thomas O’Malley made two fortunes buying U.S. oil refineries at rock-bottom prices and selling when the economy rebounded. On the third try, in Europe, the 70- year-old ex-Salomon Brothers Inc. oil trader got it wrong.
Clariant AG, which acquired catalyst- maker Sued-Chemie for $2.7 billion last year, said its full-year goals remain achievable, even while unprofitable textile- and paper-chemical businesses are still part of the company.
Clariant AG agreed to sell three businesses to SK Capital Partners for 502 million Swiss francs ($550 million) as the chemical maker divests assets a year before its own deadline to concentrate on more profitable units.
Nicotine is so toxic that it’s been used as a pesticide, and less than a teaspoon can kill a person. With the advent of electronic cigarettes, that potency is creating an opportunity for pharmaceutical companies that can assure the purity and quality of the drug.