- Synthomer, a specialty chemicals company, has acquired the BASF Austrian SBR business and assets.

The enterprise value of €30 million will be fully funded from existing resources. The business produces styrene butadiene rubber (SBR) used in the paper industry, notably in packaging end-markets. It operates from one site in Pischelsdorf, Austria.

The acquisition will enhance Synthomer's SBR business and production network for paper/packaging applications as well as increase the group's access to new opportunities across Europe.

The acquisition is expected to complete early in 2018 following receipt of regulatory approvals and satisfaction of other closing conditions.

Calum MacLean, chief executive officer of Synthomer, said: "This is another bolt-on acquisition that represents an excellent fit for Synthomer. It underscores our long term commitment to our customers in the paper industry, whilst providing us with an additional site to strengthen our network and stronger access to growing packaging end-markets in Europe. We look forward to welcoming our new colleagues and integrating the business into our European network in the first half of next year."

At 9:26am: [LON:SYNT] Synthomer share price was +4.15p at 485.65p

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