Domo Chemicals and Solvay have signed an agreement for the former to acquire the latter's performance polyamides business in Europe.
This includes engineering plastics operations in France and Poland; high performance fibres in France; plus polymer and intermediates operations in France, Spain and Poland.
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The agreement also involves a joint venture between BASF and Domo in France for the production of adipic acid.
The business comprises production, sales, technical support, R&D and innovation services which currently have a combined headcount of approximately 1,100.
The acquisition, which is subject to approval by authorities, is expected to close by the end of Q4 2019.
The purchase price to be paid by Domo on a cash and debt-free basis would amount to EUR300m.
A statement said the acquisition would significantly strengthen Domo Chemicals' downstream nylon based engineering plastics business and create a European leader with scale, entering the market with a top position in Europe.
There will be a focus on driving combined innovation, whilst accelerating future growth.
Through the acquisition Domo Chemicals' turnover would grow from EUR900m to EUR1,600m.
