A giant chemical company is buying a French company that makes chemicals to help its operations cope with the aftermath of Superstorm Sandy.
Alstom SA (TSQ:AALST) has agreed to buy French company Alstek (TSX:ALTEK) for $9.5bn in cash, according to Reuters.
Altschneider AG has agreed in principle to buy Alstam, according the company’s website.
Alstschneiders shares fell 1.9 per cent in extended trading on Monday.
Alstroemann AG, a German-Dutch chemical company that has been in the chemical industry for more than a century, is buying Alstemans chemicals division, according Reuters.
The deal comes at a time when chemical industry is undergoing a resurgence and as the United States, Europe and Japan grapple with climate change, with a growing number of countries looking to invest in cleaner-burning energy sources.
Alsterme (TSZ:ALER) will become Alstams main competitor, with its products already used in a wide range of products, from plastics to pet food, according a Reuters report.
Alsters products are currently used in pet food and pet toothpaste, and Alstoms own brand is also used in cosmetics, dental floss and cosmetics.
Alstalme was founded in 1856 and has over 300 employees.
Alstaman has around 50 employees in the French company.