UPDATE 1-Clariant swings to Q2 loss, sees 2009 sales drop

* Q2 net loss 61 mln Sfr vs forecast loss 50 mln Sfr

* Sees full year sales falling 16-20 pct

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ZURICH, July 30 (Reuters) - Swiss specialty chemicals company Clariant (CLN.VX) swung to a net loss of 61 million Swiss francs ($56.6 million) in the second quarter, hit by restructuring costs and falling demand and missing forecasts.

The company, which makes pigments for products from textiles to cars, said on Thursday it expected a sales fall of 16 to 20 percent in local currencies for 2009 but that restructuring and cost savings would help its operational result.

"Clariant assumes that the global economy will only slowly recover. Consequently, Clariant sales in local currencies are predicted to remain weak until the end of the year," it said in a statement.

Clariant has been hit hard by high raw materials prices, competition from Asia and customers cutting back, and is axing jobs to cut costs.

The group had previously said it expected demand to stabilise at current low levels and would continue to focus on cash generation and further cost reductions.

It trades at just under 11 times forecast 2010 earnings, a discount to rivals like Lanxess (LXSG.DE) and BASF BASF.DE and to the DJ Stoxx European chemicals sector .SX4P.

Clariant had been expected to post a net loss of 50 million francs after minorities, according to a Reuters survey of eight analysts. [ID:nLS189046] (Reporting by Sam Cage; editing by Simon Jessop) ($1=1.077 Swiss Franc)