Arkema refocuses on Specialty Chemicals and announces a plan to divest its Vinyl Products activities
Divestment of Vinyl Products business segment to the Klesch Group
Arkema presented to the Central Works Council a plan for the spinoff and divestment of its Vinyl Products activities.
«This project is based on our firm belief that our specialty activities require today a differentiated strategy for each of these activities. Grouped within an independent structure under the responsibility of Otto Takken, currently Executive Vice President of Arkema’s Vinyl Products business segment, the chlorochemicals, PVC and downstream activities should develop within a new structure with a clear industrial plan, a dedicated strategy, and a strong balance sheet. By refocusing on its specialty activities, namely Industrial Chemicals and Performance Products, Arkema would continue to implement its growth strategy in innovative solutions dedicated to sustainable development and in emerging economies. Accordingly, our Group should assert its place as a major world player in specialty chemicals », explains Thierry Le Hénaff, Arkema Chairman and Chief Executive Officer.
Since its creation, Arkema has developed world-leading positions in Industrial Chemicals and Performance Products. At the same time, the Group has initiated a major program to improve the competitiveness of its Vinyl Products business segment.
At the end of 2010, the Group reaffirmed this strategy, and announced its firm ambition for accelerated growth in the specialty chemicals within its Industrial Chemicals and Performance Products business segments, while continuing to boost the competitiveness of its Vinyl Products segment. The pursuit of this strategy in the coming years requires significant investments to secure the long-term success of each of these activities.
This analysis has prompted the Group to envisage the creation of an independent and integrated PVC player by spinning off its vinyl products businesses and divesting them to the Klesch Group, which specializes in the development of commodity-related industrial activities. This project would enable the vinyl products activities to benefit from a distinct industrial strategy equipped with significant financial resources in order to boost their long-term development and future.
Arkema will provide the new entity with a strong balance sheet, confirming its commitment to making this project a success, and to ensuring its development for the long term.
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