Swiss specialty chemicals company Clariant has agreed to sell its healthcare packaging business to a newly formed affiliate of US private equity group Arsenal Capital Partners for 308 million Swiss francs.

The business supplies packaging to protect pharmaceutical products from moisture and oxygen, including drop-in items such as canisters and packets, integrated desiccant systems and specially designed plastic bottles containing oxygen barrier materials. It has manufacturing facilities in France, China, India and the US, employs around 600 staff and generated sales of about 135 million Swiss francs in 2018.

Clariant has not given a reason for the divestment, which is expected to close in the fourth quarter of 2019.

New-York based Arsenal describes itself as a “specialized” investor with a focus on activities in the specialty industrials and healthcare sectors because of their “attractive growth trends, large number of technology and innovation-rich companies, and opportunities to create value-added solutions.”