Chevron Phillips Chemical sells business to Solvay Specialty Polymers for $220 million

Chevron Phillips Chemical is selling its high-performance engineering polymer business for $220 million.

Chevron said that its Ryton polyphenylene sulfide operations are a better fit at Solvay Specialty Polymers USA LLC, which is buying its factories and laboratories.

Solvay has a strong engineering polymers portfolio.

The companies expect the deal to close in the fourth quarter.

Ryton is used heavily in the automotive sector, helping reduce the number of metal parts needed and making cars lighter and more energy efficient. It also enhances filter bags that reduce pollution at coal-fired power plants and the fire resistance of electronics components.

Chevron will sell manufacturing operations in Texas, laboratories in Oklahoma and a compounding plant in Belgium as part of the deal.

Chevron Phillips Chemical Co., based in The Woodlands, Texas, was formed in 2000 when Chevron Corp. and Phillips Petroleum Co., now Phillips 66, combined their worldwide petrochemical businesses. Each company owns a 50 percent stake in Chevron Phillips.