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
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.