BASF SE to sell its textile chemical operations to Swiss chemicals maker Archroma which is owned by SK Capital Partners LP. The acquisition will bring together the century-old history of BASF textile-chemicals products, technologies and people with Archroma’s already strong heritage from Hoechst, Sandoz and Clariant.

The deal requires antitrust approval and is expected to close in next year's first quarter. The business is based in Singapore and the transaction involves some 290 employees, 230 of them in Asia and a range of printing, finishing and coating additives to Reinach, Switzerland-based Archroma, the companies said today, without disclosing financial details.

Alexander Wessels, CEO of Archroma looks to build a $3 Billion sales company from assets discarded by the chemical industry’s incumbent players including Clariant AG.

The deal with BASF will take Archroma a step closer to its 2018 revenue goal and strengthen its critical mass in an industry that’s undergone large-scale restructuring faced with competition in Asia. Huntsman Corp. is completing a shift of its production lines to Asia to be closer to its customer base.

Both BASF’s and Archroma’s textile businesses are headquartered in Singapore, close to faster-growing Asian customers, the Swiss company said

Archroma supplies specialty chemicals to the textile, paper and emulsions industries and has about 3,000 employees.