By Joshua Kirby

Clariant AG has completed the acquisition of attapulgite business assets in the U.S. from German peer BASF SE, extending its presence in North America, the company said late Monday.

In a deal signed at the end of last year, the Swiss chemicals company agreed to pay BASF $60 million in cash for the mining rights, a processing facility and inventory located in the states of Florida and Georgia.

Clariant will also provide BASF with attapulgite products, which are used in various industrial processes including the production of renewable fuels, the company said.

The acquisition will be financially beneficial and boosts Claimant's move away from fossil fuels, Chief Executive Conrad Keijzer said, as well as bolstering the company's presence in the strategically important North America region.

Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby

(END) Dow Jones Newswires

November 01, 2022 02:20 ET (06:20 GMT)

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