Azelis has sold its thermoplastic polymers business to Gazechim Plastics as part of its plan to focus on its specialty chemicals and ingredients businesses.
Gazechim Plastics, based in France, is involved in distributing liquefied and refrigerant gas and plastic products across Europe.
In addition to its polymers business in France, Gazechim said it is planning to develop a pan-European platform in polymers and is ready to invest in this area for future growth and development.
As part of the agreement, Azelis will provide services to the business in some countries to help provide a smooth transition.
A Gazechim spokesperson told European Plastics News that Azelis still has its materials pigments and additives businesses, which offer specialty additives and organic pigments to support the polyvinyl chloride and polyurethane businesses, as well as other plastic polymer producers, compounders and master batches.
"The project only concerned Azelis activities in Europe and the company will continue with its thermoplastic polymer business in its Indian and Chinese operations," the spokesperson said.
Jean Guittard, Gazechim Group CEO, said the transaction allows the company to spread its polymers capabilities outside of France and across Europe.
"We are pleased to welcome our new colleagues to the Gazechim team and are committed to investment in the polymers business," Guittard added.