However no new restructuring were announced

The announcement may come as a surprise. In parallel with the presentation of its poor quarterly results - chemist lost 114 million euros in April to the end of June-, Arkema yesterday announced the acquisition of assets of the American Dow Chemical in acrylic, used in some plastics. It puts the hand on the site of acrylic monomers of Clear Lake Texas and acrylic latex Ucar Emulsion Systems activities. A transaction which is justified in particular by rather low price negotiated by Arkema. The French group will pay that $ 50 million, for an activity that represents 450 million of turnover.

The explanation On the one hand, the acrylic is in difficulty, with a world overproduction. On the other hand, the American chemist was obliged to sell a portion of its assets for competition reasons, following the acquisition of Rhom & Haas. "Acrylic is essential for us and we wanted to strengthen us in the United States." "This transaction allows us to become the third global player in this sector," welcomed Thierry Le Hénaff, CEO of Arkema. Buying down cycle, it is betting on a quick recovery in the sector. The transaction must still be approved by competition authorities.

In a "difficult" context, the French group thus sends a positive signal to the market, which reacts in the right direction: the title closed yesterday up 3.55. "Arkema is a great strength in the trades of the acrylic and the fluorochimie", applauded Louis Boujard, analyst at Aurel Oro.

Towards "a gradual recovery."

In addition, quarterly accounts are less dramatic that some had feared. Despite a plunge in the sales by 23 to EUR 1.2 billion, the chemist presents a gross result from operations of EUR 70 million. A 135 million euros in the first half, the flow of cash "remains strong", observe the Deutsche Bank analysts. Given this good performance, the Group also noted its forecasts in the matter, and is a stream not only "positive", but that would reach even EUR 80 million on the year.

Thierry le Hénaff, however, remains "very prudent" for the future. Sales in the second quarter were down 18 in volume, and the CEO imagine "a gradual recovery" by a return to growth in China and an end to destocking among its customers. Plants of the group are still 70 of their capacity. "We set a new goal of reducing costs in the amount of EUR 600 million for 2009," said the CEO. Arkema had announced in June a project for the removal of 239 positions in France and restructuring of its activities in North America to save 37 million euros by 2012. "We continue our work of transformation in depth of the company," said Thierry le Hénaff.

The disposals of non-strategic assets, they also continue. The Group should break away from its activities of aluminum chloride as well as its activities of contrast media and catalysts for the site of Guangzhou in China for 40 million euros. "The Arkema of today has nothing to do with that of four years ago and we will continue to evolve", says Thierry Le Hénaff.

However no new restructuring were announced.