Rockwood Holdings Inc., the largest producer of lithium products, agreed to sell German ceramics unit CeramTec to Cinven Ltd. for €1.49 billion ($2 billion) to focus on its metal business and return cash to shareholders.

Cinven, a buyout firm dedicated to investing in Europe, expects to close the acquisition of CeramTec in the third quarter, subject to European Union competition clearance, Rockwood said yesterday in a statement.

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