|
|
|
 |
|
|
|
|
|
|
 |
TOTALFINA Signs Final Contract to Sell Inks Division |
|
|
| Oct. 29, 99 |
|
|
|
|
|
|
|
|
TOTALFINA has announced the signing of the final contract for the sale of its Inks division (Coates) to Sun Chemical Group, a wholly-owned subsidiary of Japan's Dainippon Ink and Chemicals.
Coates is a major producer of inks for printing, screen printing and electrographics. The division reported 1998 sales of roughly FF 5 billion.
The sale, which was announced when a letter of intent was signed in July, is subject to approval by the appropriate antitrust authorities, in particular the European Commission and the US Federal Trade Commission, and to compliance with local legislation in countries where Coates companies are publicly traded. The issue of Coates' minority interest in Mexico's Graficart will be resolved at a later date.
The transaction will enhance Coates' development by integrating its operations with Dainippon Ink and Chemicals, a larger organization and a worldwide industry leader. In a market shaped by globalization, TOTALFINA's Inks division, despite its high quality assets, did not have strong enough positions in two leading western markets, North America and Germany.
The sale is in line with TOTALFINA's clearly announced strategy of refocusing and developing its chemicals business in the industry's most promising segments. |
|
|
|
|
|
|
|
|
|
