Total SA (FP) sold its 51 percent stake in U.S. composites distributor Composites One to joint venture partner GLS Composites Distribution Corp. as part of an “assertive” reshuffling of its refining and chemical assets.
The sale by Total affiliate CCP Composites will allow it to focus on composites resins, the Paris-based company said today in a statement, without giving a sales price. The business includes production of unsaturated polyester resins, vinyl esters and gel coats.
“The transaction is aligned with Total’s assertive management of its asset portfolio, especially in the refining and chemicals sector,” according to Total.
Europe’s third-biggest energy producer earlier reported a 77 percent slump in first-quarter earnings from refining and chemicals due to a “strong deterioration” in European petrochemicals.
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