Chevron Phillips Chemical Co. started the new year by finalizing the sale of its Ryton polyphenylene sulfide business to Solvay SA.
The deal, first announced in September, includes the sale of the Ryton PPS unit in Borger, Texas, the pilot plant along with PPS research and development in Bartlesville, Okla., a compounding plant in Kallo-Beveren, Belgium, and other assets.
The compounding plant in La Porte, Texas, will remain part of Chevron Phillips, the company said in a Jan. 5 announcement.
Employees moved to Solvay as part of the deal or were offered positions elsewhere in Chevron Phillips, based in The Woodlands, Texas.
Solvay paid $220 million for the business.
Ryton is used extensively in the auto industry, including in pumps, electronic parts and parts for heating and thermal management.
Other deals wrapping up during the holiday period was the sale of the films division of Huhtamäki Oyj to German private equity group Deutsche Beteiligungs AG (DBAG).
DBAG acquired the film business of Finland-based packaging group Huhtamaki for 141 million euros ($168 million) in a management buyout. The acquisition was finalized on Dec. 31.
The business, which has about 1,000 employees, will continue to operate at four production sites in Malvern, Pa., Forchheim, Germany, Camacari, Brazil and Samutsakorn, Thailand.