TotalFinaElf intends to sell its Paints business
The TotalFinaElf group has concluded a memorandum of understanding with Bain Capital for the proposed disposal of its Paints business, run by SigmaKalon.
With this proposed disposal, the Group wants to offer SigmaKalon the opportunity to develop its growth prospects in an operational, commercial and financial framework better suited to its activities.
SigmaKalon boasts a leading position in Europe in the decorative paints sector as well as a major presence in the marine, anti-corrosion and industrial paints markets.
The completion of the agreement is subject to the trade union information and consultation procedures and to the approval of the relevant authorities in the countries concerned.
This project is in line with the plan launched in 2000 by ATOFINA, the Group¿s Chemicals branch, to reposition and refocus its business activities. This plan entails in particular the disposal of assets amounting to 1.5 billion euros between 2000 and 2003.
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