Arkema has agreed to buy ArrMaz, a US-based producer of specialty surfactants for crop nutrition, mining and infrastructure, from private equity group Golden Capital for $570 million.

The French chemical company said the “milestone” acquisition is another step toward its target of achieving more than 80% of sales in specialties by 2023.

ArrMaz has sales of $290 million and employs 400 people across nine manufacturing sites around the world. Dave Thomas, managing director at Golden Gate Capital, said that  during its ownership ArrMaz has significantly expanded its global footprint, particularly in the Middle East and Africa, through acquisitions and new plant openings.

The transaction will combine Arkema’s and ArrMaz’s complementary expertise in differentiated formulations, technologies and geographic reach for specialty surfactants. Arkema said it will be well positioned to accelerate its growth in legacy markets and to enter new segments (additives for nutrients, lithium extraction and oil & gas process aids) with the expectation of delivering above-GDP growth.

The transaction is expected to close this summer, subject to regulatory approval. Arkema will then integrate ArrMaz into its Performance Additives business unit, which along with Adhesives and Technical Polymers, will drive growth of the High Performance Materials division.

The combined group is anticipating synergies of around $15 million by 2023, mostly in purchasing and commercial operations.

Golden Capital has owned ArrMaz since December 2012 when it bought the company from New York-based private equity owner Snow Phipps.