COLOMBES, France—Arkema S.A. has made an offer to Total S.A. to purchase its Bostik S.A. business unit for about $2.2 billion.
Arkema confirmed the proposed bid in a release dated Sept. 19. The transaction is pending regulatory approvals of the antitrust authorities in the countries involved, as well as the legal information and consultation procedure involving the work councils of Arkema, Bostik and Total, Arkema said.
Arkema did not respond to requests for confirmation as to when the transaction would close.
Bostik is a worldwide adhesives manufacturer. The firm reported 2013 sales of $1.92 billion and employs about 4,900 in 40 countries, according to Arkema. Arkema said Bostik would fall under its High Performance Materials segment and, if approved, would boost that segment's sales to 42 percent of the Arkema's total.
Arkema projects its sales to increase to about $9.55 billion and bring its employment to about 19,000 through Bostik. Arkema said the acquisition will have no impact on the current employment levels of both firms.
Arkema is Total's former chemicals arm, spun off from the oil and gas giant in 2004 with its initial public offering on the Paris Bourse in May 2006. It consists of three business segments—High Performance Materials, Industrial Specialties and Coating Solutions.
In 2011, Arkema acquired Total's coating resins unit for about $690 million.
“We couldn't have picked a better parent,” Bob Marquette, president and CEO of Bostik Inc.—the firm's North American business unit—and senior vice president of Bostik, said in an interview following his keynote address at the 2014 Adhesive and Sealant Council Fall Convention and Expo in Greenville, S.C.