Belgian-based Solvay has sold part of its operations to German specialty chemicals maker, Atlana.
The sale, for an undisclosed amount, includes Solvay’s formulated resins business as well as an R&D facility in Olean, New York with 53 employees.
The resins business is mostly comprised of products sold under the Conap brand, which generated $20 million in sales in 2015. Specifically, the product portfolio includes specialty polyurethane and epoxy resin systems used in electronics, filtration membranes, adhesives and more. The business will be integrated with Atlana’s Elantas PDG subsidiary, which is a part of the company’s electrical insulation division.
“By acquiring the formulated resins business of Solvay, we are strengthening our position as a technology leader and expanding our business in North America,” Altana CEO Martin Babilas said.
The transaction will have to be approved by antitrust regulators before it is finalized.