Henkel recently announced it has entered into exclusive negotiations with GCP Applied Technologies to acquire its global Darex Packaging Technologies business for $1.05 billion on a cash and debt free basis.

Henkel has reportedly submitted a binding offer for the business. Based in Cambridge, Mass., Darex supplies high-performance sealants and coatings for the metal packaging industry worldwide. In fiscal 2016, Darex Packaging Technologies reportedly generated sales of around $300 million. The company has about 700 employees and 20 sites in 19 countries.

“The intended transaction is in line with our strategy to strengthen our portfolio through targeted acquisitions and would reinforce the position of our Adhesive Technologies business as a global market and technology leader,” said Hans Van Bylen, Henkel CEO.

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