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

Hong Kong's TK eyes expansion, may buy Nypro Tool operation

September 19, 2014 2:49 pm ET

Hong Kong-based mold maker and plastics processor TK Group (Holdings) Ltd. said it's reached a tentative agreement to buy a tooling factory in...    More

Exo-s buys injection and blow molder in Mexico, expands footprint

September 19, 2014 2:15 pm ET

Custom molder Exo-s Inc. has bought an injection and blow molding operation in San Juan del Rio, Querétaro, Mexico.    More

Image

Foster building medical polymers plant

September 19, 2014 1:39 pm ET

Foster Delivery Science is investing $8 million in a new plant in Putnam, Conn., for production of medical polymer blends, as well as rods, film or...    More

Image

BP to restart damaged PTA unit in limited capacity by November

September 19, 2014 10:27 am ET

British Petroleum plc may restart its fire-damaged purified terephthalic acid (PTA) feedstock unit in South Carolina in late October or early...    More

Image

Bayer spinning off plastics business

September 18, 2014 8:49 am ET

Bayer AG will spin off its MaterialScience plastics group into a separate, publicly-traded company within the next 12 to 18 months.    More

Market Reports

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

Shale Gas Market - Analysis of North American Region

This report highlights the impact of shale-based natural gas on the North American plastics market and features an in-depth analysis of production trends in the United States during 2013 and a forecast for 2014 and beyond.

Learn more

Thermoformed Packaging 2014 Market Review & Outlook – North America

This in-depth report analyzes economic and market trends, legislative/regulatory activity impacting supply and demand, business opportunities and threats, materials pricing, manufacturing technology, as well as growth strategies being implemented by thermoformed packaging companies.

Learn more

Upcoming Plastics News Events

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

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

More Events