Clariant, a focused, sustainable, and innovative specialty chemical company has announced a financial impairment of its sunliquid® plant in Podari, Romania, amounting to approximately CHF 225M.
As previously reported, the sunliquid® plant began production in the second quarter of 2022, though has not yet achieved the targeted yields and other operational parameters on an industrial scale. Clariant has thus completed a financial assessment of the plant as part of the annual impairment testing in accordance with International Financial Reporting Standards (IFRS). As a result of this analysis, Clariant has concluded that impairment to the current asset value of the Podari plant of approximately CHF 225M is appropriate based on the delayed ramp-up and the current financial performance.
Clariant confirms the unique value of the sunliquid® technology and will continue its commercialization. Clariant aims to address the operational challenges by continuously adjusting production processes with the target of achieving the commercial viability of the new technology.
