Specialty chemicals supplier Perstorp has announced it will sell its additives business aimed primarily at the paints and coatings industry to Synthomer for around €78 million. The Swedish company said the divestment is in line with its strategy to focus on and expand its core chemicals activities.

Perstorp Belgium manufactures and markets a range of performance additives to a global customer base across a number of end-markets including paints and coatings and plastics. The business employs 41 people at its Ghent facility, who will all transfer to the new owner. In 2016, Perstorp Belgium generated EBIT of €8 million and had gross assets of €21 million.