Chemicals and materials manufacturer The Chemours Co. has entered into an agreement to divest its Mining Solutions business to Draslovka Holding a.s., a producer of cyanide-based chemical specialties and agricultural chemicals for $520 million in cash, according to a company release issued Monday.

“Today’s announcement of the Mining Solutions divestiture furthers our strategy of focusing on our three principal businesses in order to drive long-term shareholder value. Leveraging differentiated strategies, we feel confident that our businesses are well positioned to deliver growth and higher quality earnings through economic cycles,” Chemours CEO and President Mark Newman said in a statement. “The entire Mining Solutions team has worked hard to create a leading business with an unmatched record of safety and supply chain stewardship. Draslovka’s long-standing expertise in cyanide, coupled with a strategy devoted to growing the business, makes them an ideal partner invested in the success of our Mining Solutions employees and customers.”

The transaction also marks the Czech firm’s first major investment in the United States.

“Our ambition is to use Draslovka’s CN-based specialty chemicals expertise and technological capabilities to support our global growth plans, and drive improvements in safety, efficiency, and environmental considerations throughout the industry,” the CEO of Draslovka, Pavel Bruzek, said in the release.

Chemours anticipates that the deal will close in the fourth quarter of this year following the completion of regulatory approvals and customary closing conditions.