Private equity firm SK Capital Partners may have won the auction for Clariant AG's (SWX: CLN) textile chemicals, paper specialties and emulsions businesses with a $500 million bid, but that deal is only the beginning.

Clariant based in Basel, Switzerland, had planned to sell up to five of its divisions by the end of 2013, but ended up selling three out of five businesses put up for disposal to U.S. buyout firm SK Capital for 502 million Swiss francs ($550 million), beating the set deadline. Those early divestitures gave a year-end boost to Clariant chief executive officer Hariolf Kottmann as he presses ahead with plans to divest the two remaining businesses.

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