Germany's specialty chemical products company Wacker Chemie has sold its silicone-based tire-release-agent business to Rhein Chemie Rheinau for an undisclosed purchase price.

Wacker noted that the two companies signed a purchase agreement and the multiyear agreement ensures that Rhein Chemie will continue to be supplied with Wacker's silicones for the manufacture of tire-release agents.

As part of the agreement, Rhein Chemie acquires the rights to related product formulations, as well as existing segment-specific contracts and inventories. Furthermore, Wacker will continue to supply Rhein Chemie with the required silicone raw materials, among other products.