Total SA sells speciality chemicals units to Arkema

ERJ staff report (DS)

Paris -- Total SA is to sell its photocure and coatings resins businesses to Arkema for around €550 million.

The transaction reflects Total's strategy of refocusing its speciality chemicals activities. Rubber processor Hutchinson SA is also part of Total's speciality chemicals activity, but is not involved in the current announcement.

The assets to be divested include Cray Valley and Cook Composites & Polymers (CCP) coatings resins business and Sartomer's photocure resins businesses, which together employ nearly 1,750 people in 13 countries. These aligned businesses produce specialty products for the paint, adhesives and industrial coatings markets and are forecast to generate revenue of around euro 850 million in 2010, an increase of 20 percent over the prior year.

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Press release from Total SA