Ineos Barex AG, part of the Ineos AG, is acquiring Mitsui Chemical Inc.'s polyacrylonitriles business.
Mitsui says the deal will secure its customers a long-term supply of polyacrylonitrile, while giving Ineos a wider reach in Asia.
"The transfer of this business to Ineos Barex provides a very close strategic fit," CEO David Schmidt said in a news release. "The proposed agreement is good news for all parties involved."
Polyacrylonitrile resins are produced at a Mitsui plant in Nagoya, Japan. They are used for films and resins in pharmaceutical packaging.
Ineos also produces polyacrylonitrile resins, sold under the Barex trademark in Europe and North America.
Terms of the deal, which is scheduled to close on Aug. 1, were not disclosed.