This is part of a case series. This case addresses the further transformation of Clariant's businesses, which focused on core specialty businesses and the creation of synergy potential. The case begins with the divestment of the Masterbatches business unit. Management made the divestment decision with the aim of strengthening Clariant's position as a leading supplier of specialty chemicals and supporting the company's growth. The divestment was accompanied by a new strategy and a transformed operating model designed to work coherently across divisions. Case D allows students and executives to discuss potential synergies using a specific portfolio transformation as an example.