Contract Signed to Sell Inks Division
TOTALFINA
29 October 1999
TOTALFINA Signs Final Contract to Sell Inks Division
TOTALFINA has announced the signing of the final contract for the sale of its
Inks division (Coates) to Sun Chemical Group, a wholly-owned subsidiary of
Japan's Dainippon Ink and Chemicals.
Coates is a major producer of inks for printing, screen printing and
electrographics. The division reported 1998 sales of roughly FF5 billion.
The sale, which was announced when a letter of intent was signed in July, is
subject to approval by the appropriate antitrust authorities, in particular the
European Commission and the US Federal Trade Commission, and to compliance with
local legislation in countries where Coates companies are publicly traded. The
issue of Coates' minority interest in Mexico's Graficart will be resolved at a
later date.
The transaction will enhance Coates' development by integrating its operations
with Dainippon Ink and Chemicals, a larger organization and a worldwide industry
leader. In a market shaped by globalization, TOTALFINA's Inks division, despite
its high quality assets, did not have strong enough positions in two leading
western markets, North America and Germany.
The sale is in line with TOTALFINA's clearly announced strategy of refocusing
and developing its chemicals business in the industry's most promising segments.
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