Specialty chemicals firm Huntsman Corporation said Monday that it has entered into an agreement to purchase North American specialty additives and epoxy curing agents manufacturer Gabriel Performance Products. The company said the $250 million deal will expand its portfolio and increase its competitiveness.

“The acquisition of Gabriel Performance Products broadens the offering in our specialty chemicals portfolio and is complementary to our recent acquisition of CVC Thermoset Specialties. Gabriel makes highly specialized toughening and curing agents and other additives used in a wide range of composite, adhesive, and coatings applications,” said Scott Wright, president of Huntsman’s Advanced Materials division, in a release. “We expect that the Gabriel business will strengthen our North America footprint and provide significant commercial synergies as we expand and globalize their specialty products across our global footprint and customer base.”

The transaction also bolsters Huntman’s formulations business and boosts the company’s competitive position, Wright said.

Huntsman’s timeline for the acquisitions of Gabriel and CVC Thermoset Specialties was impacted by the on-going coronavirus crisis.

“With this acquisition we conclude a series of strategic initiatives in our Advanced Materials division we started in 2019 before the COVID-19 pandemic. Our initial intent was to complete the acquisitions of Gabriel and CVC simultaneously, together with the divestiture of our India DIY business earlier this year,” said Huntsman president and CEO Peter Huntsman in a statement. “Despite the challenges created by COVID, I am pleased that we have already closed on two of the transactions and intend to close on the acquisition of Gabriel within the first quarter of 2021.”