GENEVA (Nov. 23, 1:10 p.m. ET) — French materials firm Arkema SA plans to focus on specialty chemicals and is getting out of the vinyl products business.
Colombes, France-based Arkema announced Nov. 23 that it is paying Geneva, Switzerland-based Klesch Group 100 million euros ($135 million) to take over its European vinyl business, which includes upstream (chlorine, caustic soda and PVC) and downstream activities (profiles, pipe and compounds).
The business includes 1,780 employees in France and 850 outside the country. Under Klesch, the business will be based in Lyon, France, and headed by Otto Takken, currently executive vice president of Arkema's Vinyl Products business segment.
Klesch Group is a family-owned company specializing in industrial and commodity-related business. It employs more than 3,000 with locations in Germany, the Netherlands, Russia, Switzerland and the United Kingdom and has combined sales of more than $6 billion.