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PetroFina and Lafarge join forces in the paints business |
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| Jul. 03, 98 |
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PetroFina and Lafarge have decided to join forces and to pool certain of their paint activities. This operation involves the entire Sigma Coatings group, a 100% affiliate of PetroFina, and the “Peintures Bâtiment” division of Lafarge. The current negotiations should lead to the signature of a final agreement by end 1998. The alliance would involve Lafarge taking an equity share in Sigma Coatings.
Sigma Coatings, with an annual turnover in excess of 31 billion BEF in 1997, is active in the Decorative paint and Industrial coatings markets in Western Europe and enjoys a global position in Marine and Protective Coatings. The Decorative paint activities of Lafarge, with an annual turnover of over 8 billion BEF in 1997, are concentrated in France, Italy, Spain and Benelux.
With geographically complementary activities and an important potential for synergies, the new group would be placed within the top three of the Decorative paints market in Western Europe, and more specifically within the top two in France and the Benelux.
The combined turnover of the new group will be in excess of 1 billion USD, and it would be publicly listed at a later stage. |
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