Germany-based Henkel has made a binding offer to purchase US’ Darex Packaging Technologies from GCP Applied Technologies for $1.05bn.
To meet the requirements of the cash-and-debt-free deal, GCP will begin a consultation process with the relevant works councils and labour unions.
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Once completed, the company expects to enter a definitive purchase and sale agreement that will be subject to customary closing conditions, including regulatory approvals.
Henkel CEO Hans Van Bylen said: “The intended transaction is in line with our strategy to strengthen our portfolio through targeted acquisitions and would reinforce the position of our Adhesive Technologies business as a global market and technology leader.”
Darex currently provides high-performance sealants and coatings for the metal packaging industry.
With around 700 employees and 20 sites in 19 countries, the company also provides beverage, food or aerosol cans.
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By GlobalDataHenkel adhesive technologies executive vice-president Jan-Dirk Auris said: “We are excited about the opportunity to add the high-performance Darex business to our existing Adhesives Technologies portfolio.
“We are glad that we are now entering into exclusive negotiations about a possible acquisition. Darex’s experience in developing innovative, high-performance sealants and coatings will underpin our commitment to provide our global customers with best-in-class solutions.”
The company also noted that Darex will expand its existing portfolio to serve the metal packing industry and help enhance Henkel's position in the non-cyclical business.
