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Investing.com -- Swiss specialty chemicals firm Clariant AG (SIX:CLN) is shifting some of its adsorbent production from Mexico to the US to sidestep tariffs imposed by President Donald Trump, according to the company’s CEO Conrad Keijzer.
Clariant AG plans to move the production of materials destined for the US market to an already existing plant in Quincy, Florida. Meanwhile, the company will continue to operate its Puebla, Mexico facility for the local market, Keijzer said on Monday.
This decision comes in the wake of Mexico facing potential tariffs from Trump. The President has already enforced tariffs on steel and aluminum and issued an order last week to impose levies on all cars not manufactured in the US. Approximately 10% of Clariant’s global group sales can be attributed to the automotive sector.
Former Shell Plc CEO Ben van Beurden, who is expected to be elected as Clariant’s new chairman on Tuesday, said that the challenges currently facing the industry necessitate "important strategic choices." He also suggested that the industry is likely to consolidate in the future.
Van Beurden acknowledged the significant strain on the industry but also pointed out the numerous opportunities that exist.
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