According to an unnamed source quoted by Reuters, Clariant has been seeking support from Deutsche Bank to find suitable buyers for its pigment business. The estimated value of this business is close to $821 million.

The news agency added that Clariant is expected to send a packet about the sale of the business at the end of the quarter.

In the past few years, the pigment industry has faced fierce competition with Asian companies that account for a large share of the market.

About four years ago, Clariant began divesting its plastics and coatings business. As part of this initiative, it transferred products such as plastics, additives and pigments to a separate subsidiary.

BASF Chemicals has separated its pigments division from its core business. However, sources said that it is not expected to acquire Clariant's subsidiaries.

In 2017, Clariant announced plans to merge with Huntsman, but this did not materialize. Last year, Saudi Arabias Saudi Basic Industries acquired a 25% stake in Clariant.

Clariant's organizational structure includes seven business units, including additives, catalysts, functional minerals, industrial and consumer products, masterbatches, and oil and mining services.