Belgium-based chemicals maker Tessenderlo is selling its plastic compounds business to Japan's Mitsubishi Chemical Corp.
According to Tessenderlo, the division, which makes plastic and rubber compounds, employs about 360 people and generated revenue of 120 million euros (US$156.88 million) in 2011.
"Tessenderlo Group... has received an offer for its compounds activities from Mitsubishi Chemical," the company said in a statement. "The intended sale comprises four production sites in France, Poland and China and one (research and development) site in Belgium."
The planned sale forms part of the Belgian company's strategy to focus on specialty chemicals in food, agriculture, water management and recycling organic waste.
Mitsubishi, headquartered in Tokyo, is said to be Japan’s largest chemicals firm.