Arkema denies Klesch allegations about vinyls unit

EUROPEAN PLASTICS NEWS

Published: March 13, 2013 11:23 am ET
Updated: March 13, 2013 11:25 am ET

Related to this story

Topics Materials, Mergers & Acquisitions, Materials Suppliers

COLOMBES, FRANCE — Arkema SA has come back fighting after Swiss investment firm Klesch & Co. Ltd. announced plans to sue the French firm over misrepresentations relating to the sale of its vinyls divisions. Arkema says it refutes the accusations categorically.

Earlier this week Geneva-based Klesch, which acquired Arkema's vinyls unit last year, said it has discovered "significant gaps" between the information presented by Arkema before the acquisition was completed and its current financial results. Klesch is now seeking compensation for what it calls financial shortfalls in the balance sheet.

Colombes-based Arkema not only denies the allegations but claims Klesch never indicated it was worried about the financials of the Vinyls unit, now called Kem One SAS.

"Arkema is… surprised given that throughout the eight months since the divestment, the Klesch group has raised no issue with Arkema," said the company.

The company added: "Arkema confirms that the Klesch group had access, in complete transparency and throughout the negotiations, to all the necessary information – as customary for this type of transactions - to enable it to assess the financial situation and the prospects of this activity, and performed the in-depth due diligence that it wanted."


Comments

Arkema denies Klesch allegations about vinyls unit

EUROPEAN PLASTICS NEWS

Published: March 13, 2013 11:23 am ET
Updated: March 13, 2013 11:25 am ET

Post Your Comments


Back to story


More stories

Image

RJG buys UK training group G&A

September 30, 2014 11:10 am ET

G&A Moulding Technology Ltd., a United Kingdom-based training and consultancy group, has been bought by RJG Inc., the U.S.-based training business.    More

Image

Asahi Kasei breaks ground on Alabama compounding plant

September 29, 2014 5:39 pm ET

Asahi Kasei Plastics North America will be able to solve two problems at once with a new compounding plant in Athens, Ala.    More

Image

DuPont shifting Teflon production in China

September 29, 2014 2:35 pm ET

DuPont Co. will spend more than $15 million to improve its fluoropolymer product offerings in China.    More

Image

Sale of PVC maker Oltchim still in limbo

September 29, 2014 10:25 am ET

Fresh attempts to privatize insolvent Romanian PVC producer Oltchim SA have met with new obstacles as the European Union questioned the Romanian...    More

Image

Clariant extends reach into Asia with acquisition

September 29, 2014 9:54 am ET

Clariant International Ltd. is buying VitaPac (HK) Industrial Ltd., a Hong Kong-based company which produces desiccant packets for the healthcare pack...    More

Market Reports

Plastics in Mexico - State of the Industry Report

This report analyzes the $20 million dollar plastics industry in Mexico including sales of machinery & equipment, resins and finished products.

Our industry analysis highlights macro industry trends and micro trends faced by companies that do business in Mexico. The report also provides key industry statistics and forecasts to anticipate future industry expansion.

Learn more

Plastics Caps & Closures Market Report

The annual recap of top trends and future outlook for the plastics caps & closures market features interviews with industry thought leaders and Bill Wood’s economic forecast of trends in growing end markets. You will also gain insight on trends in caps design, materials, machinery, molds & tooling and reviews of mergers & acquisitions.

Learn more

Injection Molders Market Report & Ranking 2014

This special package contains our 132-page 2014 Market Report on the Injection Molding segment and our exclusive 2014 RANKINGS database of 500+ Injection Molders for a discounted package price.

Learn more

Upcoming Plastics News Events

January 14, 2015 - January 14, 2015Plastics in Automotive

February 4, 2015 - February 6, 2015Plastics News Executive Forum 2015

June 2, 2015 - June 3, 2015Plastics Financial Summit - Chicago 2015

September 16, 2015 - September 18, 2015Plastics Caps & Closures - September 2015

More Events