Ineos is taking full ownership of Oxochimie, its 50:50 joint venture with French chemicals group Arkema. Financial terms were not disclosed. The divestment, which remains subject to antitrust approval, is due to be finalized in early 2017.

Oxochimie has a site in Lavéra, France, producing butanols, 2-ethylhexanol and oxoaldehydes. The chemicals are partly used as feedstock for Arkema’s acrylic esters in Europe and are also sold on the merchant market where they generate annual sales of around €40 million. Arkema said Ineos will continue to supply the French group’s acrylic esters units.

“Oxo alcohols are a core business for Ineos Oxide, both supplying the European and global markets and supporting the manufacturing of our fast-growing downstream intermediates businesses,” said Graham Beesley, CEO of Ineos Oxide, adding that the group is looking forward to growing its global market presence.

Arkema is selling the stake as part of its ongoing program to divest businesses with annual sales totalling €700 million as it refocuses on its core businesses. Last year, the Paris-based company sold its activated carbon and filter aid operations, with annual sales of some €93 million, to US group Calgon Carbon for $163 million. In 2015, Arkema divested its Sunclear plastic and aluminium sheet distribution business to BF Invest. This business had sales of about €180 million.