Pharmaceutical and nutrition products firm Lonza has entered into a deal to sell its Specialty Ingredients business to private investment firm Bain Capital and private equity company Cinven for CHF 4.2 billion, or about $4.6 million, a release announced Monday.

“Bain Capital and Cinven have shown that they understand the value of the experience and expertise of our Specialty Ingredients employees,” Albert M. Baehny, chairman of Lonza, said in a statement. “They presented the most compelling industrial strategy and vision for the business, they are also keen to prioritize R&D and innovation, as well as to invest in existing facilities to unlock the potential of the business.”

Lonza said the definitive agreement on the divestiture was reached after a thorough selection process and that the transaction will allow them to focus its efforts on the healthcare industry.

The Specialty Ingredients business currently has 17 manufacturing sites across its global footprint that produce microbial control solutions for Personal Care and Professional Hygiene products. Lonza’s business also produces specialty chemicals and composites for the electronics, aerospace, food and agrochemical industries. 2,800 workers are employed by the business.

“We look forward to continuing to collaborate with Bain Capital and Cinven to ensure a seamless transition for customers and employees,” Baehny said.

Lonza expects the deal to close in the second half of 2021, subject to customary closing conditions.

Last month, Powder & Bulk Solids reported that Lonza formed an agreement to sell two of its production plants for lipid oral dosage forms to CDMO services provider NextPharma. The company named Pierre-Alain Ruffieux as its new CEO in late 2020 to replace Baehny, who had served a term as CEO ad interim.