French industrial minerals giant Imerys has entered into negotiations with Belgian investment fund Syntagma Capital to sell most of its paper assets for ?390 million.
Imerys, which mines and processes minerals worldwide, works for many sectors, from construction to consumer goods.
Its paper-related activities include the production of pigments, kaolin and calcium carbonate, which improve the printability and visual appeal of paper and cardboard, as well as talc, which is used in the manufacture of pulp and paper to prevent deposits and to work in closed water circuits.
The divested assets are also, on a smaller scale, present in the ceramics and construction markets.
950 employees in 24 plants, seven distribution terminals and two R&D centers are affected by this divestment. They are mainly located in the Americas and Asia; no French sites are affected, Imerys confirms. 400 million in sales in 2021, or about 9% of the French group's total sales.
This divestment will enable Imerys to focus on high value-added specialty mineral solutions.
Syntagma Capital is a Brussels-based investment firm focused on the materials, chemical, industrial and service sectors. "We plan to leverage the company's global presence, strong customer relationships, R&D and technical capabilities to accelerate growth, both organically and through mergers and acquisitions in key product areas and geographies." says Frank Coenen, partner at Syntagma.
This transaction is expected to be finalized in the course of 2023.
