Ingevity Corp. recently announced it has reached an agreement with Perstorp Holding AB to acquire the CapaTM caprolactone division of Perstorp in a cash transaction valued at approximately €590 million (approximately $675 million). Ingevity expects to close on the transaction late in the first quarter of 2019.

Capa expects revenues of approximately €150 million (~ $175 million). The acquisition is expected to be immediately accretive to Ingevity’s earnings in the first full year. Ingevity will include the business in the company’s performance chemicals segment and report revenues as engineered polymers.

“The Capa division is a strong, market-leading business focused on high-growth end-use applications, and as such is a complementary fit with Ingevity’s business model and capabilities,” said Michael Wilson, Ingevity president and CEO. “Like our current businesses, Capa leverages technology-focused relationships to drive customer intimacy and employs a similar manufacturing process and approach.

“We are very excited to be adding such a unique business to our company; one that will provide new avenues for strategic growth.” “What’s more, Capa’s top-tier financial profile and performance will drive value creation to the benefit of our shareholders.”

“The senior managers and employees of the Capa division are looking forward to joining Ingevity,” said Stephen Lewis, vice president, caprolactones, for Perstorp. “We believe Ingevity is a great cultural fit for our people and the combination of these two companies will accelerate our success.”

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