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Arkema SA plans to divest its coating business in South Africa

Thursday, 12 Dec 2013 11:35am EST 

Arkema SA:Plans to divest its two South African subsidiaries, Arkema Resins Proprietary Limited and Harveys Composites Proprietary Limited to a South African company Ferro Industrial Products Proprietary Limited, specialized in the production and distribution of coatings and materials for composite markets.Says the two subsidiaries to be divested accounted for sales of about 45 million euros in 2012.Adds that the proposed divestment concerns 125 people, a production plant in Isipingo (Arkema Resins Proprietary Limited) near Durban, and five storage facilities (Harveys Composites Proprietary Limited).Says the propose divestment is subject to approval by the relevant antitrust authorities in South Africa and the deal is expected to be closed in the second quarter of 2014. 

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