Polish chemical group Ciech will sell 99.62 percent in its phosphorus and chromium compound producer Zakłady Chemiczne Alwernia to Kermas Group, one of the world’s largest chrome compound producers, for $13.4 million.

The companies have already signed a preliminary agreement, but the acquisition is still subject to regulatory approval. The sale of subsidiaries is part of the Ciech capital group’s restructuring strategy. In 2012, it sold its TDI production unit Zachem to the German chemical giant BASF.

KW