Total Sells Chemical Unit Atotech to Carlyle for $3.2 Billion
October 07 2016 - 3:17AM
Dow Jones News
By Inti Landauro and Matthew Curtin
PARIS--Total SA (TOT) 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 of 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 a staff of 4,000, based mainly in Germany and
China.
Total is exiting the chemicals business as part of its
restructuring plan, having agreed to sell adhesives unit Bostik in
2014.
-Write to Inti Landauro at inti.landauro@wsj.com
(END) Dow Jones Newswires
October 07, 2016 03:02 ET (07:02 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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