Polynt Bags Total’s Composites Unit

Italian chemical firm Polynt has agreed to purchase CCP Composites, an unsaturated polyester resins maker owned by the French oil company Total. The companies say the combination will create the world’s third-largest integrated producer of the resins. Unsaturated polyesters are used in glass fiber composite structures such as yacht hulls and hot tubs. CCP generated $560 million in sales in 2013. Polynt, which had sales last year of $860 million, makes unsaturated polyesters as well as their main precursor, maleic anhydride. According to Total, CCP has few synergies with its petrochemical operations. Total sold CCP’s coatings resins business to Arkema three years ago.