P.M. BRIEFING : Orkem Buys Bostik Adhesives
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PARIS — French state-owned chemicals group Orkem S.A. said today it will pay $345 million to buy the Bostik adhesives business from American-owned tools manufacturer Black & Decker Corp.
Orkem, formerly known as CdF Chemie, said in a statement that the move is part of a strategy aimed at acquiring a leading worldwide position in inks, paints, coatings and adhesives.
The initiative reflects Orkem’s growing interest in building up its global operations.
Earlier this week it said it was considering a full bid for British specialty chemicals group Coates Brothers PLC in which it already has a 40.6% stake.
Towson, Md.-based Black & Decker said the Bostik sale is part of a $1-billion divestiture plan it has embarked upon to repay debt. The Bostik division, which makes chemical adhesives and sealants, was part of its acquisition of Emhart Corp. earlier this year.
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