By Cristina Roca

Compagnie de Saint-Gobain SA (SGO.FR) has reached an exclusive agreement to sell its silicon carbide division to private equity firm OpenGate Capital as part of a broader divestiture plan, the company said Tuesday.

The French construction-materials group said the transaction should be effective in the first half of the year.

Saint-Gobain's silicon carbide unit has annual sales of around 120 million euros ($137.4 million), the company said. The deal is part of the company's plan to divest itself of businesses representing sales of at least EUR3 billion by the end of this year, Saint-Gobain said.

No financial details of the transaction were disclosed.

Write to Cristina Roca at cristina.roca@dowjones.com; @_cristinaroca

(END) Dow Jones Newswires

January 08, 2019 02:42 ET (07:42 GMT)

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