Paris-based Total SA has agreed to sell its German specialty chemicals unit Atotech to Carlyle Group LP for $3.2 billion as the French oil company disposes of non-core assets to “weather a slump in crude” and “preserve
pay-outs to shareholders”.

CEO Patrick Pouyanne said the deal is part of Total’s plan to divest $10 billion of assets in the three years through to the end of 2017 as the company curbs debt and maintains dividends amid a slump in oil prices.

The company is working on the sale of some “mature” offshore oil fields in the North Sea and Africa this year, and plans to sell businesses in its Italian marketing and services division in 2017.

Atotech, which had revenues of 1 billion euros last year, specialises in metal- and surface-finishing technologies used in the electronics, automotive and construction industries.

It has more than 4,000 employees, mainly in Germany and China. The deal is subject to legally required consultation and notification processes.