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Clariant Restructures Business After Accounting Investigation

  • Company to reorganize in to three units instead of five
  • Moves come after company admitted to book-keeping issues

Clariant AG will realign its business units to improve transparency in the wake of a book-keeping investigation triggered by insider whistleblowers. 

The company, a manufacturer of construction chemicals and automotive braking and cooling fluids, will reorganize its business into three units from five, with the unit heads reporting directly to Chief Executive Officer Conrad Keijzer, it said Wednesday. The move comes after insiders raised concerns about accounting procedures, leading to the departure of Chief Financial Officer Stephan Lynen in April.