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By taking a majority interest in Techmer PM, SK Capital commits to recapitalizing the company in partnership with chairman and CEO John Manuck, who will continue to retain a significant ownership stake in Techmer.
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.