U.S. chemicals group Reichhold secured EU antitrust approval on Friday for its proposed buy of Italian polymers maker Polynt after pledging to divest a facility in France to U.S. company Ashland Global Holdings.
Reichhold, owned by a group of investors including Black Diamond Capital, had announced the asset sale last month. The plant, located in Etain in north-east France, is Reichhold’s largest unsaturated polyester resin plant.
The European Commission said the asset sale addressed its concerns about the competitive impact of the deal.
Polynt is a leading European producer of resins which are principally used in the transportation and construction industries.
By Foo Yun Chee
Source: Reuters
This equipment will significantly lower the site’s CO2 emissions, reduce flaring and save around 60 gigawatt hours (GWh) energy each year. Project kick-off is in February 2021, with completion planned for 2023.
The acquisition significantly strengthens and expands Grace’s existing pharma portfolio. Pharma & Consumer is the largest, fastest growing and most profitable subsegment within Grace’s Materials Technologies business.
Solvay says it has decided to organize its soda ash and derivatives business into a separate and fully controlled legal structure.
