Solvay SA has agreed to sell its Formulated Resins business to Altana AG's Elantas PDG Inc, the Belgian specialty chemicals company announced on Jan. 4.
Under the agreement, Solvay's Technology Solutions business unit will divest the business line which generated sales of $20 million in 2015.
The divestment includes Formulated Resins' product portfolio, the manufacturing and R&D facility based in Olean, N.Y., and all associated technical, commercial and administrative staff.
The transaction, said Michael Radossich, president, Solvay Technology Solutions, is aimed at improving the company's position in its core polymer additives business.
“In Altana, the Formulated Resins business has a strategic buyer to position it for continued growth,” he added.
The Formulated Resins portfolio mainly entails the Conap brand epoxy resin and polyurethane product systems and serves electronics, electrical and specialty adhesives markets.
Completion of the transaction is subject antitrust approvals and is expected in the first half of 2017.