Proposed Reorganization of Total's Chemicals Branch
Like Europe's other chemical actors, Total's Chemicals branch is facing a difficult environment. It has to contend with acute competition in a climate of weak demand, high energy and raw materials costs, and a major depreciation of the dollar relative to the euro.
In the light of this situation, the Group is studying a reorganization of its Chemicals Branch which would entail lighter functional organizations as well as the creation, alongside Petrochemicals and Specialties, of a decentralised organization consolidating the Chlorochemicals, Intermediates and Performance Products assets.
This new organization will be in a position to adapt to market trends with more flexibility through a structure which is closer to its customers and more reactive in its decision-making processes, and which relies on coherent industrial activities. It will be run by Thierry Le Hénaff, and will enjoy significant operational autonomy.
The performance of these businesses is affected by the current economic climate in Europe, and, accordingly, the new company's priority will be to improve results. On the strength of these improvements, it will pursue its development, in particular in Asia.
The new company will aim to become a competitive and independent actor. With a sound financial structure, it will have the opportunity to play an active role in the consolidation of the chemical industry.
Petrochemicals continue to implement synergies with Refining, and should speed up their expansion in Asia.
Specialties demonstrate their ability to maintain a satisfactory performance, despite an increasingly harsh environment.
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