Total Sells Chemical Unit to Carlyle for $3.2 Billion
October 07 2016 - 3:50AM
Dow Jones News
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)
Copyright (c) 2016 Dow Jones & Company, Inc.