Arkema to Divest its Vinyl Business to Klesch Group
- Jul 4, 2012
Arkema has finalized its project for the divestment* of its Vinyl Products activities to the Klesch group announced end of 2011, and so continues to refocus its business on specialty chemicals.
The activities concerned by the project have been grouped within a new company called KEM ONE. Headquartered in Lyon, France, this company has an excellent balance sheet structure, and reports sales of around one billion euros.
"I would like to thank the personnel of the Vinyl Products segment for their involvement and commitment at Arkema over the years, and I wish them all every success in the future. This divestment is consistent with Arkema's strategy to refocus its business on specialty product lines", said Thierry Le Hénaff, Arkema Chairman and Chief Executive Officer.
Commenting, A. Gary Klesch, founder and Chairman of the Klesch Group, said: "This is a very exciting day for everyone involved with KEM ONE. As one of the largest vinyls businesses in Europe and with the strength in depth of its management team and the dedication of its staff, KEM ONE has a great future as it looks to capitalize on the growth opportunities which lie ahead."
Thanks to a balanced distribution of sales across the world and a sustained innovation drive, Arkema is perfectly positioned to benefit fully from the growth related to sustainable development, and confirms its ambition to become one of the world's top chemicals manufacturers by 2016, generating sales of some 8 billion euros and EBITDA of 1,250 million euros.
* Estimate of some of the specific charges related to the divestment operation recognized by Arkema in 2nd quarter: some 30 million euros as part of the establishment of social guarantees already announced early May, and some 30 million euros of technical costs related to the spinoff and divestment (IT, legal, accounting, etc., costs).
A global chemical company and France's leading chemicals producer, Arkema is building the future of the chemical industry every day. Deploying a responsible, innovation-based approach, it produces state-of-the-art specialty chemicals that provide customers with practical solutions to such challenges as climate change, access to drinking water, the future of energy, fossil fuel preservation and the need for lighter materials. With operations in more than 40 countries, 13,200 employees and 9 research centers, Arkema generates annual revenue of €5.9 billion, and holds leadership positions in all its markets with a portfolio of internationally recognized brands.
About Klesch Group
Founded in 1990 and headquartered in Geneva, the family-owned Klesch Group is one of Europe's leading operators of industrial and commodity-related businesses. With combined revenue in excess of 4.5 billion euros, the Klesch Group employs more than 3,000 people across four principal business units, with locations in Germany, the Netherlands, Russia, Switzerland and the United Kingdom.
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