Specialty chemicals firm Nouryon announced Tuesday that the acquisition of J.M. Huber Corporation’s carboxymethyl cellulose (CMC) business has reached completion. The bio-based polymer product is used as a thickener, binder, stabilizer, and film former in a range of applications, including food, pharmaceuticals, and packaging.
The business current operates in 80 countries and brings in sales of about €135 million. As part of the transaction, Nouryon will acquire the business’ manufacturing plant and advanced R&D facility in Äänekoski, Finland. About 250 J.M. Huber workers will join Nouryon.
“With a range of products that complements our existing CMC portfolio, it allows us to offer our current and new customers a significantly broader set of bio-based solutions and confirms our commitment to investing in sustainable growth platforms,” said Charlie Shaver, chairman and chief executive officer of Nouryon, in a company press release. “We are also pleased to welcome the employees of this business to the Nouryon family.”
The deal closed after receiving approval from the European Commission and other regulatory officials, according to a J.M. Huber release on the finalization of the sale.
Earlier this year, Nouryon entered into an agreement to acquire a merchant triethyl aluminum (TEAL) business from Sasol. TEAL is used in the production of plastics like polypropylene and polyethylene.