Arkema confirms vinyl unit sale to Klesch Group
PARIS Nov 23 (Reuters) - French speciality chemicals group Arkema confirmed that it plans to sell its vinyl division to investment company Klesch Group.
The transaction should result in exceptional net expenses of around 470 million euros ($634 million) in 2011, including a cash charge of about 100 million euros for Arkema, the company said in a statement.
Arkema said 1,780 employees in France and 850 employees outside France would be transferred to the new entity under the deal.
The project, which aims to create a major player in the European PVC industry, will not entail any restructuring of the manufacturing plants for the businesses being divested, Arkema added. ($1 = 0.7410 euros) (Reporting by Caroline Jacobs; Editing by James Regan)
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