French energy group Total has agreed to sell its Atotech division to US-based equity firm The Carlyle Group for $3.2 billion.

The move is part of the previously announced three-year $10 billion divestment program that the Paris-headquartered group expects to complete by the end of 2017. The sale of Atotech means that Total’s proceeds from divestments since the beginning of 2015 have reached $8.6 billion.

Berlin-based Atotech, a leading producer of plating chemicals for electronics and general metal finishing, was Total’s only remaining specialty chemicals unit after the sale of Bostik to Arkema – once also part of Total – in 2014. It has around 4,000 employees worldwide, mainly in Germany and China. Its 18 production sites, including six in Europe, eight in Asia and four in the US as well as 18 technical centres. The company reported sales of €1 billion in 2015.

Carlyle beat rivals CVC Capital Partners and a consortium of BC Partners and Cinven, according to people involved in the process. Total said Carlyle has a deep understanding of Atotech’s businesses and is well positioned to create value for Atotech as it continues to grow and develop its operations and customer base.

The transaction remains subject to regulatory approval.

Total and rival energy firms are shedding non-core assets in response to ongoing weak oil and gas prices. Another business said to be earmarked for sale by the French oil and gas group is its petrol station joint-venture with Italian energy company ERG.