BRUSSELS (Reuters) - U.S. chemicals group Reichhold [REICH.UL] secured EU antitrust approval on Friday for its proposed buy of Italian polymers maker Polynt [ININDY.UL] after pledging to divest a facility in France to U.S. company Ashland Global Holdings (ASH.N).
Reichhold, owned by a group of investors including Black Diamond Capital, had announced the asset sale last month. The plant, located in Etain in north-east France, is Reichhold’s largest unsaturated polyester resin plant.
The European Commission said the asset sale addressed its concerns about the competitive impact of the deal.
Polynt is a leading European producer of resins which are principally used in the transportation and construction industries.
Reporting by Foo Yun Chee; editing by Robert-Jan Bartunek