Ineos Enterprises will sell its melamines and paraform businesses, with production sites in the U.S., Germany and Indonesia, to German polymer group Prefere Resins Holding GmbH.
The terms of the transaction were not revealed.
Ineos paraform, according to a company news release, is Europe's second largest producer of the polymerization agent paraformaldehyde.
It employs around 120 people at its Mainz facility, near the Rhine River in Germany.
Ineos melamines supplies melamine resins into coatings, paper, textile, tire, rubber, and decorative laminates industries. The business employs around 150 people at sites in Springfield, Mass.; Frankfurt, Germany and Surabaya, Indonesia.
"I am very pleased to have signed an agreement for the sale of the Ineos melamines and paraform business," said Ashley Reed, CEO Ineos Enterprises.
The agreement is viewed as an important step in the development of the two businesses, as they represent "a strong strategic fit" with Prefere Resins.
"[It] is a great opportunity to realize the true potential of these businesses, helping to secure their future development and growth," Reed added.
Ineos Enterprises is part of London-based Ineos, a global producer of plastics and speciality chemicals, whose products include sulphur-based chemicals.
Based in Erkner, Germany, Prefere Resins is a leading European producer of phenolic resins, and operates production sites in Finland, Germany, the United Kingdom, France, Poland and Romania.
Ineos said it expects to complete the deal in the second quarter of the year.