LEHIGH VALLEY, Pa. (AP) — Chemical and gas producer Air Products & Chemicals Inc. said Tuesday it will sell its stake in its vinyl acetate ethylene polymers joint ventures to partner Wacker Chemie AG for $265 million.
Vinyl acetate ethylene polymers are used in products such as adhesives, paints and paper.
Air Products, which announced its plan to sell its interest in the businesses in March 2006, will also receive full ownership of production plants in Elkton, Md. and Piedmont, S.C. and related businesses as part of the deal. The company said it plans to sell the operations.
The sale involves facilities in Calvert City, Ky.; South Brunswick, N.J.; Cologne, Germany and Ulsan, Korea. It also includes commercial and research operations in Lehigh Valley, Pa. and Burghausen, Germany. Wacker plans to keep running operations from the Lehigh Valley location and will offer jobs to the approximately 430 employees affected by the sale.
The transaction is expected to close during the first quarter.