Germany's BASF SE (BAS.XE) said Wednesday it will sell a paper-coating dispersions plant in Austria to U.K.-based specialty chemical producer Synthomer PLC (SYNT.LN) for 30 million euros ($35.4 million).
BASF expects the deal, which is subject to approval from merger control authorities, to close in January 2018.
The company will now supply European customers from facilities in Finland and at from its Ludwigshafen headquarters in Germany, a move that it said will improve its ability to compete in a challenging market. Production sites in Turkey and South Africa won't be affected by the transaction.
Paper dispersions are combined with other additives to improve the print quality of certain types of paper and cardboard, the company said.
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(END) Dow Jones Newswires
September 27, 2017 09:46 ET (13:46 GMT)