Specialty chemicals company Lanxess has inked a deal to buy US-based Emerald Kalama Chemical for an enterprise value of $1.075 billion, according to Nasdaq.com.

The purchase price amounts to $1.04 billion, after deducting debt, which Lanxess (LNXSF) plans to finance from existing liquidity. With this deal, the German chemicals company seeks to strengthen its consumer business and expand its portfolio to preservatives, including for consumer protection products, and animal hygiene and nutrition. The transaction is expected to be completed in the second half of 2021, pending regulatory approval.