ARKAY Arkema (PK)

   By Kim Richters 
 

Arkema (AKE.FR) said Monday that it plans to sell its functional polyolefins business to SK Global Chemical, valuing the division at 335 million euros ($369.6 million).

The French chemical company said the divestment of the business, which produces chemicals used in sectors such as food packaging, is part of its move towards a focus on specialty chemicals and advanced materials.

SK Global Chemical, which will create a French holding company for the takeover, is a subsidiary of South Korean conglomerate SK Group, Arkema said.

The divestment is subject the approval of antitrust authorities as well as a consultation process with the company's employee representative bodies and is expected to close in the second quarter next year, it said.

Write to Kim Richters at kim.richters@wsj.com

(END) Dow Jones Newswires

October 14, 2019 12:33 ET (16:33 GMT)

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