Kemira Oyj has entered into an agreement to sell its pharmaceutical business together with its food and acetate-based chemicals business to US-based Niacet.
The businesses form part of Kemira's ChemSolutions segment, according to Kemira Oyj.
As part of the agreement, the shares of Kemira ChemSolutions, the manufacturing site in Tiel, Netherlands and 90 employees will be transferred to Niacet.
The sold out businesses put together have revenue of nearly €50m.
ChemSolutions other business segments, such as the chemical, feed and de-icing, linked to Kemira's formic acid production in Oulu (Finland), will remain intact with Kemira.
According to Kemira president and CEO Wolfgang Büchele said the sold out businesses are in line with the company's strategy to focus on products and applications for water quality and quantity management.
The €82m transaction is also expected to impact Kemira's cash flow positively in the first quarter of 2013.
Niacet co-managing director Kelly Brannen said the transaction will position the company for continued success and growth both in Niagara Falls and at new facility in the Netherlands, once the agreement is finalized.
