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Henkel makes $1.05 billion offer for GCP's Darex unit

Staff Writer |
Henkel submitted a binding offer to acquire Darex Packaging Technologies from GCP Applied Technologies for about $1.05 billion.

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The German detergent maker said Thursday its offer for Darex was on a cash and debt free basis.

Darex generated sales of around $300 million last year and supplies high-performance sealants and coatings for the metal packaging industry, Henkel said.

GCP, based in Cambridge, Mass., said in a statement it would initiate a consultation process with relevant works councils and labor unions in connection with the deal. Upon completion of that process, Henkel and GCP intend to enter into a definitive purchase agreement, GCP said.

GCP also said the sale would position the company to focus on growth opportunities in its construction and building materials markets.

The proposed deal is expected to close in the middle of 2017 and is subject to customary closing conditions, including regulatory approvals, GCP said.

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