The $1.44 billion deal includes 46 manufacturing operations and technology centers in 29 countries and approximately 3,500 employees, who will join Avient's Color, Additives and Inks segment.
The divestment represents another “deliberate step in building a BP that can compete and succeed through the energy transition,” said CEO Bernard Looney.
Strategic investment complements C-P Flexible Packaging’s converting and printing capabilities with a North American footprint now consisting of six locations with more than 750 employees.
The equipment acquired by flexible packaging manufacturer TC Transcontinental will be used to convert plastic waste recovered from sorting facilities and other commercial, industrial, and agricultural sources into plastic pellets.
Chroma Color has invested more than $1.5 million across its manufacturing sites, upgrading equipment and enhancing lab capabilities. It also announced the transition of production from recently acquired Plastics Color Corp. in Calumet City, IL, to...
The $1.6-billion deal is expected to close by the third quarter of 2020.