Advanced materials and specialty chemicals firm Solvay entered into an agreement to sell certain Polyamide assets in Europe to Domo Chemicals as part of the divestment of its Polyamides business to BASF, the company announced in a release Wednesday.
The divestiture of the assets will satisfy conditions of the European Commission’s merger control clearance process. Under the terms of the deal, Domo Chemicals will purchase Solvay’s Performance Polyamides plants in Belle-Etoile and Valence in France, as well as a stake in a new joint venture between Domo and BASF in Chalampe, and sites in Poland and Spain. Domo also acquired commercial activities in Germany and Italy.
Solvay said the transaction is slated to reach completion by the end of this year, though the deal is subject to merger control clearances and regulatory approvals. BASF will take on all other Performance Polyamides assets, which were outlined in an agreement signed in the latter half of 2017.
BASF, Solvay, and Domo will operate independently until the transaction closes.