Report: Total looking to divest Hutchinson

Paris - Rubber products major Hutchinson could soon be sold or spun off as a listed company by parent group Total, according to a Reuters report.

The shareholder-driven move would net the oil & gas major up to €4 billion euros, said Reuters.

The report cited information from unidentified sources involved in exploring options for Hutchinson. Total, however, declined to comment on the matter.

In ERJ's 2014 Global Top 50 Non-Tire Rankings, Hutchinson ranks as the world’s second largest rubber producer, after Continental. This is based on sales at the French company, which came in at £4,347.8 million in 2013.

Hutchinson produces sealing systems, vibration, acoustic and thermal insulation, fluid transfer systems, transmission and mobility. It employs over 32,500 personnel in its 96 sites spread across 23 countries.

The company was set up in 1853 and was focused on rubber production for shoes and tires.

Total acquired a majority stake in the company back in 1974.