Solvay has signed a definitive agreement with Brazilian chemical group Unipar Carbocloro to sell its 70.59% stake in Solvay Indupa. The transaction is based on a total enterprise value of $202.2 million, which will be subject to adjustment. Completion is subject to the usual closing conditions, including antitrust approval.

Vincent De Cuyper, a member of Solvay’s executive committee, said the divestment follows the company’s early exit from its European chlorvinyls joint venture with Ineos, which was announced in March 2016.

In acquiring Solvay Indupa, De Cuyper said Unipar will strengthen its strategic position in the caustic soda and chlorine value chain, extending its chemical footprint in PVC and allowing for the company’s further development.

Solvay Indupa has two production sites in Santo André, Brazil, and Bahía Blanca, Argentina, and employs 956 people. The Belgian chemical producer tried to sell Indupa to Braskem in 2014 but the Brazilian competition authority CADE blocked the deal.