PARIS—Total SA has agreed to sell a specialty chemicals business to investment firm The Carlyle Group for $3.2 billion, part of the French oil major's efforts to slim down and raise cash in the face in a slump in oil prices.

The companies said the transaction values Atotech BV, a supplier of plating chemicals, at 11.9 times the unit's adjusted earnings before interest, taxes, depreciation and amortization in 2015.

Atotech has staff of 4,000, based mainly in Germany and China.

Total is exiting the chemicals business as part of its restructuring plans, having agreed to sell adhesives unit Bostik in 2014.

Write to Inti Landauro at inti.landauro@wsj.com and Matthew Curtin at matthew.curtin@wsj.com

(END) Dow Jones Newswires

October 07, 2016 03:35 ET (07:35 GMT)