Arkema selling functional polyolefins portfolio

French specialty chemicals firm Arkema said it will sell its functional polyolefins business to South Korea's SK Global Chemical (SKGC), so it can focus further on specialty chemicals.

The functional polyolefins group is responsible for the sales of ethylene co-polymers and terpolymers for the food packaging, cable, electronics and coatings markets. The offer is based on an enterprise value of €335mn ($369mn).

The planned deal will create a French subsidiary for SKGC.