Synthomer said it had sold its laminates, films and coated fabrics businesses to Surteco North America for $255m (£208m).
The cash will be used to repay debt in order to strengthen the group’s balance sheet and support a reduction in leverage, the company said on Tuesday.
“This divestment is consistent with our recently announced strategy to increase the specialty weighting of our portfolio and focus on higher value, higher growth markets where we have strong and sustainable leadership positions,” said chief executive Michael Willome.
“The proceeds represent excellent value for our shareholders and the transaction is a significant step in the deleveraging of the group.”
Reporting by Frank Prenesti for Sharecast.com
