Ingevity Corp. recently announced it has reached an agreement with Georgia-Pacific to acquire its pine chemicals business for a cash purchase price of $315 million. Ingevity reportedly expects to close on the transaction in late 2017.

Georgia-Pacific’s pine chemicals business manufactures and sells pine-based tall oil fatty acids, tall oil rosin, and tall oil rosin esters used in adhesives, cleaners, coatings, inks, and more. Approximately 90% of its revenues are in North America. The business manufactures the majority of its products at a Georgia-Pacific site in Crossett, Ark., and employs approximately 70 people.