German chemical group BASF agreed to 1.6 billion euros to buy the Belgian rival Solvay's global polyamide business.
BASF said on Tuesday that the acquisition would complement its engineering plastics portfolio and strengthen its access to major growth markets in Asia and South America.
For Solvay, the sale of its polyamide business means a further step forward in its large-scale sales of its products, with a focus on specific applications in the aerospace and oil and gas industries , Which can achieve higher profits.
However, Solvie said the Group's core profit growth this year will be reduced.
Approved by the regulatory authorities and agreed by the two companies that the expected joint venture partners, the agreement is expected to be completed in the third quarter of 2018 transactions.
Solvay polymer business last year sales of 1.32 billion euros, interest, taxes, depreciation and amortization before the profit of about 200 million US dollars. Has about 2,400 employees.