Germany's Evonik Industries AG (EVK.XE) said Tuesday that it has signed an agreement to acquire 3M Co's (MMM) high-concentrates additive compounding business.
The deal is expected to close in the first quarter of 2018, Evonik said, and includes the Accurel brand portfolio and the Obernburg production facility in Bavaria, Germany.
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The specialty chemicals company, which already offers a variety of additives to the plastics industry, said the acquisition would enable it to also offer solid additives.
Both parties have agreed not to disclose the price of the purchase, which is subject to the customary closing conditions.
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(END) Dow Jones Newswires
November 28, 2017 04:51 ET (09:51 GMT)