Air Liquide Selling Schülke Unit

French industrial gases group Air Liquide has put its German division Schülke up for sale, in a deal that could be worth up to €1 billion, sources close to the matter told Reuters news agency.

Air Liquide, which is seeking to streamline its operations and divest non-core assets, is reported to have appointed JP Morgan to find a buyer for the unit, which makes disinfectants, antiseptics, preservatives, biocides and medical skincare products and has annual sales of €335 million.

The Paris-based company acquired Schülke from Reckitt & Colman’s German subsidiary Schülke & Mayr in August 1996.

Reuters added that the Schülke sale has come at the same time as American Securities has put Emerald Performance Materials on the block. The two companies broadly operate in the same market.

Emerald, which American Securities acquired in 2014 from investor Sun Capital, comprises two divisions – Kalama Chemical that specializes in preservatives and aroma chemicals among other specialties, and CVC Thermoset Specialties that supplies specialty products including epoxy resins, modifiers and curing agents, for high-performance thermoset systems.

Sun Capital created Emerald in 2006 when it bought Lubrizol’s food ingredients and industrial specialties businesses for $270 million.

Neither Air Liquide nor American Securities has commented on the reports.