he Chemical branch of TotalFinaElf and a group of Belgian
financial investors led by Ackermans van Haaren have signed an
agreement for the sale of the Oleo
chemicals business unit
incorporated within the structure of Fina
oleochemicals N.V.
The agreement is subject to approval by the European
Commission.
The Oleochemicals activities comprise two
production sites in
Belgium - Oelegem and Ertvelde -,
Research and Development
functions, a Marketing & Sales Department, and Head Office.
The company employs 350 people in Production, Research and
Development, and Sales. Its management team will remain
unchanged.
The business unit produces and sells over 270,000 tonnes of
oleochemicals under the trade name RadiaÒ , including fatty
acids, fatty
alcohols,
glycerine, as well as fatty
esters and
stearates, most of which are used in the manufacture of soap,
detergents, and softeners. These activities stand in third
place in the European market.
On completion of the sale, Fina Oleochemicals N.V. will become
Oleon N.V. Oleon N.V. will focus on consolidating and
strengthening its relationship with all its stakeholders.
This decision reflects TotalFinaElf's ongoing commitment to an
active management strategy as regards its Chemicals activities
portfolio.