Sterling Specialty Chemicals LLC agreed to acquire Oil & Gas business of Kemira Oyj from Kemira Oyj (HLSE:KEMIRA) for approximately ?260 million on December 4, 2023. The Kemira's Oil & Gas business, which had a revenue of ?373 million in 2022. Approximately 250 employees are expected transfer to the Sterling Specialty Chemicals LLC as part of the transaction, which includes Kemira?s manufacturing facilities in Mobile, Columbus and Aberdeen in the United States.

Kemira will continue to operate the plant under a long-term agreement and will retain the employees. Kemira and Sterling Specialty Chemicals LLC target to complete the transaction by the end of Q1 2024 at the latest. The completion of the transaction is subject to customary closing conditions and regulatory approvals before completion.

Bernd Schneider, Aamit Joshi, Atul Sehgal and Jorg Baumgartner of Stifel Nicolaus Europe Limited acted as financial advisor to Artek Surfin Chemicals. Seward & Kissel acted as legal advisor to Sterling Specialty Chemicals in Acquisition Agreement with Kemira. Philip van der Eijk and Anouk Boutens of Houthoff acted as legal advisor to Kemira.