May 12, 2017 / 2:11 PM / 3 years ago

Reichhold gains conditional EU approval for Polynt buy

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

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