M&As: TotalEnergies sells resin product lines; Henkel exits from Russia, sells businesses for EUR600 mn

M&As: TotalEnergies sells resin product lines; Henkel exits from Russia, sells businesses for EUR600 mn

French multi-energy company TotalEnergies says it has accepted an offer from Pacific Avenue Capital Partners for the acquisition of three product lines (Wingtack, PolyBD and Dymalink) developed by its affiliate Cray Valley, its resin production and sales affiliate. The transaction includes four production sites in the US, the Cray Valley Italy affiliate and the portfolio of customers. Terms were not disclosed.

The transaction will allow Cray Valley to focus on its global specialty C4 and pure-monomer resin businesses which will continue to be developed by TotalEnergies. Production of the Ricon, Krasol and Cleartack resins will continue at Carling (France), in accordance with the commitments made when the site was restructured in 2013, Grand Junction (US) and Kralupy (Czech Republic).

TotalEnergies’ Cray Valley affiliate is a global supplier of specialty chemical additives, hydrocarbon specialty chemicals, and liquid or solid tackifying resins used to make adhesives, rubbers, polymers, coatings and other materials.

In other news, German conglomerate Henkel has signed an agreement on the sale of its business activities in Russia to a consortium of local financial investors. In April 2022, the company had announced the decision to exit from Russia.

The consortium that acquires the Henkel business activities in Russia includes Augment Investments, Kismet Capital Group and Elbrus Services. All acquirers have established and long-standing business relationships in Western countries and are not subject to EU or US sanctions.

The agreed purchase price amounts to 54 billion rubles, which corresponds to around EUR600 million, it stated in a statement.

The relevant Russian authorities have already approved the transaction; the final closing is still pending.

Henkel’s products include adhesive technologies, comprising adhesives, sealants and functional coatings; plus consumer brands that focus on home care, hair and laundry products.


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