Versum, the Air Products electronic materials spin-off, has agreed to acquire Dynaloy from Eastman Chemical for around $13 million in cash. Headquartered in Indianapolis, Indiana, USA, Dynaloy supplies formulated cleaning solutions for the semiconductor and specialty manufacturing industries.

Edward Shober, senior vice president, materials at Versum, said Dynaloy’s strong patented portfolio epitomizes Versum’s strategy to enhance its surface prep & clean (SP&C) technologies and products. Versum’s technologies are used to selectively etch and remove residue and contamination during multiple steps of the integrated circuit fabrication process.

After the deal’s closure, which is expected during the company’s fiscal  2017’ fourth quarter, the Dynaloy business will be integrated into Versum’s SP&C product portfolio. Versum said the acquisition will strengthen and accelerate its growth in advanced packaging materials, one of the fastest growing segments in the semiconductor cleaning market.

According to market researcher Yole Développement, advanced packaging revenues in the semiconductor industry are estimated to rise from more than $22 billion in 2016 to nearly $30 billion by 2020.