Total SA Sells Chemical Unit for $3.2 Billion
French oil and gas giant Total SA (NYSE: TOT – $47.88) said it sold its specialty chemicals affiliate Atotech BV to The Carlyle Group for $3.2 billion. Atotech is a manufacturer of plating chemicals, equipment and services used in manufacturing circuit boards and semiconductors. The sale of Atotech is part of Total’s goal to divest $10 billion by the end of next year. The Total strategy to deal with an oil barrel worth less than half what it was two and a half years ago is far from original though the company has been more successful than most of its peers to carry it out. Total has managed to continue booking billion-dollar profits in 2014 and 2015 despite the collapse of the price of its main products. Over the past few months, the company has bought shale oil assets in the U.S. and French battery maker Saft while selling assets it considers aren’t profitable enough now or won’t be in the future and assets that aren’t part of its core business such as Atotech.
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