Total plans to sell specialty chemicals unit Atotech
5/9/2016 12:00:00 AM
PARIS, May 9 (Reuters) -- French oil and gas producer Total plans to sell its specialty chemicals and equipment division Atotech, its CEO told the Le Figaro newspaper after the company announced on Monday it would buy battery-maker Saft.
"Atotech no longer falls within Total's strategic vision," the paper quoted Patrick Pouyanne as saying. A Total spokeswoman confirmed the comments to Reuters.
Total said in February it was planning assets sale of about $4 billion this year, mostly non-core assets.
Pouyanne did not give details about the planned sale of Atotech or if it was talking to potential buyers, but said Total was looking for a buyer that was committed to sustaining Atotech's current strategy.
Berlin-based Atotech, which generates annual sales of about $1 billion, manufactures specialty chemicals and equipment for printed circuit boards and semiconductors.
It is Total's sole remaining specialty chemicals unit after the sale of Bostik in 2014.
Pouyanne also told Le Figaro that Total was not selling Atotech to pay for its 950 million euro ($1.1 billion) purchase of France-based lithium battery maker Saft Groupe, which Total announced earlier on Monday.
He told the newspaper that Total would remain disciplined in its spending due to the prolonged oil price fall that has hit profits, but the company was still on the lookout for opportunities in the medium term.
"We have the means to move forward, carefully controlling our financial trajectory while making the necessary investments to ensure the effectiveness of the group's future structure," Pouyanne told Le Figaro.
(Reporting by Bate Felix; Editing by Susan Fenton)
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