Chemical products and alkylamines producer Taminco Corp. (NYSE: TAM) is paying $190 million for a Finnish formic acid business.

The New York-based company is buying a division of Kemira Oyj that includes a manufacturing facility in Oulu, Finland that produces a chemical used primarily as a preservative for livestock feed.

Formic acid is also utilized in the energy and water treatment industries.

The acquisition is expected to close in the first quarter of 2014.

Taminco was founded in 2003 after being spun out of from Belgium-based chemical company UCB SA (EBR:UCB). It was then acquired by private equity firm CVC Capital Partnersin 2007. New York-based private equity firm Apollo Global Management LLC bought the company from CVC for roughly €1.1 billion ($1.4 billion) in February 2012.

Taminco went public in April 2013 when Apollo sold 15.8 million shares in an initial public offering that raised $237 million.

Currently, the company has roughly 160 employees spread across the U.S., Europe, China and Brazil.



Manufacturing industry