12 December 2013 17:35 [Source: ICIS news]
LONDON (ICIS)--Arkema plans to sell its two coatings subsidiaries in South Africa to Ferro Industrial Producers Pty Ltd, it said on Thursday.
Financial details were not disclosed.
Ferro Industrial Products specialises in the production and distribution of coatings and materials for composites markets, Arkema said.
Arkema Resins Pty Ltd and Harveys Composites Pty Ltd generated sales of about €45m ($62m) in 2012 and employ 125 people. Arkema said it would retain a presence in the coating sector in South Africa through licensing and distribution agreements with Ferro.
“Through this divestment, Arkema will dispose of non-strategic activities - such as resins for composite materials - which represent few synergies with the remainder of its coating activities,” the French speciality chemicals maker said.
Subject to approval by the South African antitrust authorities, Arkema hopes to close the divestment in the second quarter of 2014.
($1 = €0.73)
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