PARIS - TotalFinaElf announced an agreement to sell its SigmaKalon coatings business, one of the 10 biggest coatings manufacturers in the world, to the private investment firm Bain Capital. The sale is subject to regulatory approvals and trade-union consultation procedures.
TotalFinaElf said the proposed sale would provide SigmaKalon "the opportunity to develop its growth prospects in an operational, commercial and financial framework better suited to its activities." The transaction is in line with a strategic plan initiated in 2000 by ATOFINA, the chemical unit of TotalFinaElf, to "reposition and refocus" its business activities. The plan called for the divestiture of assets totaling 1.5 billion euros between 2000 and 2003.