ZURICH, Sept 18 (Reuters) - Swiss specialty chemicals firm Clariant said on Tuesday it was creating a joint venture in high performance materials with its new anchor shareholder Saudi Basic Industries Corporation (SABIC) and set sales and earnings targets.
The transaction will combine Clariant's Additives and high value Masterbatches with parts of SABIC's Specialties business to form the business area High Performance Materials.
Clariant will divest the remaining Plastics & Coatings business by 2020, it said in a statement on Tuesday.
The Swiss group is targeting sales of around 9 billion Swiss francs ($9.36 billion) and a margin on earnings before interest, tax, depreciation and amortisation (EBITDA) of around 20 percent in 2021, it said.
SABIC won regulatory approvals this month to buy a quarter of Clariant, cementing a partnership they hope will drive profit.
The Saudi company's current Specialties Executive Vice President Ernesto Occhiello will take over as chief executive of Clariant on Oct. 16 from Hariolf Kottmann, who will become chairman. ($1 = 0.9619 Swiss francs) (Reporting by Silke Koltrowitz; Editing by Maria Sheahan)