Clariant has announced an updated strategy following SABIC’s purchase of a 24.99 percent stake in the company earlier this month.The transaction combines Clariant’s Additives and Masterbatches with parts of SABIC’s Specialties business to form the High Performance Materials business area. Clariant intends to divest its remaining plastics and coatings business by 2020. By 2021, the group aims to generate annual sales of around 9-billion Swiss francs (US$9.36-billion), compared with 6.38-billion francs in 2017. “The portfolio upgrade together with the continuation of Clariant’s strategy enables the Group to realize a significant step change into higher value specialties, which will allow the Group to considerably augment value creation for all our stakeholders,” said Hariolf Kottmann, CEO of Clariant. Clariant also announced an Extraordinary General Meeting for October 16, to expand its board of directors to 12 members, four of them nominated by SABIC. The meeting will also name Kottmann chairman of the board while SABIC’s current Specialties vice-president, Ernesto Occhiello, will be appointed the new CEO.