On March 27th 2013, the Lyon commercial court opened insolvency proceedings with continuation of activities for a six-month observation period against the company Kem One SAS. As part of the financing of the observation period, Arkema points out that its contribution amounts to €68.7 million.
A part of this amount corresponds to the payment of contractual adjustments to the selling price, which were provisioned for in the financial statements at December 31st 2012. The balance corresponds to certain guarantees granted by the Group to third parties and made available to Kem One during the observation period.
The Group’s overall exposure to Kem One SAS, remains estimated at an amount close to €125 million in total. Accordingly, Arkema will book a non-recurring charge in its 1st quarter 2013 financial statements for an equivalent amount.
A global chemical company and France’s leading chemicals producer, Arkema is building the future of the chemical industry every day. Deploying a responsible, innovation-based approach, we produce state-of-the-art specialty chemicals that provide customers with practical solutions to such challenges as climate change, access to drinking water, the future of energy, fossil fuel preservation and the need for lighter materials. With operations in more than 40 countries, some 14,000 employees and 10 research centers, Arkema generates annual revenue of €6.4 billion, and holds leadership positions in all its markets with a portfolio of internationally recognized brands.