07 December 2010 10:46 [Source: ICIS news]
LONDON (ICIS)--Total will sell its photocure and coatings resins businesses to French specialty chemicals company Arkema for a €550m ($733m) enterprise value, the oil major said on Tuesday.
The company said that the assets to be divested included the ?xml:namespace>
France's Total added that these businesses produce specialty products for the paint, adhesives and industrial coatings markets and revenues were forecast to be around €850m in 2010, an increase of 20% compared with last year.
It said Cray Valley's and CCP’s composites resins and hydrocarbon specialty chemicals (HSC) activities would not be affected by the divestment project.
“The transaction reflects Total’s strategy of refocusing its specialty chemicals activities,” the company said.
The divestment would be subject to the applicable legally required consultation and notification processes for employee representatives at Total and Arkema, and the approval of the anti-trust authorities in the countries concerned.
The deal is expected to close in the first half of 2011.
($1 = €0.75)
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