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ZURICH (Reuters) - Swiss specialty chemicals maker Clariant said on Tuesday it would purchase assets from German competitor BASF in North America in a $60 million cash deal that will help grow its sustainable business.
Clariant said it expects to complete the purchase of the assets of BASF'S U.S. attapulgite business--one of the largest miners and producers of the clay material, which Clariant said can help remove contaminants in renewable fuel production--in the summer of 2022.
"This acquisition fits very well with our growth strategy to grow through sustainability-focused innovations and bolt-on acquisitions," Clarient Chief Executive Conrad Keijzer said in a statement, adding it would improve its position in renewable fuels purifications.
(Reporting by Brenna Hughes Neghaiwi; Editing by Riham Alkousaa)