ECONOMY

Greece’s S&B to merge with French Imerys in 550 million euro deal

A deal between Greece’s S&B and France’s Imerys was expected to be sealed in Paris on Thursday following six months of negotiations.

Imerys, a French multinational company operating in the production and processing of industrial minerals, announced on Wednesday the integration of the main activities of the Greek industry minerals company, whose majority is held by the Kyriakopoulos family. Established 80 years ago, S&B currently operates in 22 countries.

Following the agreement the Greek company was expected to control 4.5 percent of the French company while S&B president Odysseas Kyriakopoulos was expected to become a member of Imerys’s board of directors.

Speaking to Kathimerini on Wednesday, Kyriakopoulos noted the deal was expected to be worth some 550 million euros. The Greek company’s target had been to safeguard its future development, said Kyriakopoulos, who added that the deal did not include S&B’s bauxite operations.