As part of our continuing growth strategy, we are excited to announce that Bakelite Synthetics has agreed to purchase Georgia Pacific's Phenolics Chemicals business in the Americas. Once the sale is complete, the business will become part of Bakelite Synthetics.
Bakelite Synthetics has a strong portfolio of products, brand and customers that we continually seek to profitably maintain and grow. The transaction will provide complimentary resin and formaldehyde technology and end markets which will improve Bakelite's market valuation position. The transaction includes 11 chemical facilities employing approximately 600 people in the US and South America.
The sale will be subject to government approval. While it's not known exactly when the transaction will close, we anticipate the sale process will be completed within in the next six months.