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FRANKFURT, Germany (AP) -- Chemical company Wacker Chemie AG said Tuesday it will buy out its two joint ventures with Air Products and Chemicals Inc. in an effort to strengthen its global polymers business. The two ventures are Air Products Polymers and Wacker Polymer Systems. Completion of the deal, which is subject to regulatory approval, is expected in the first quarter of 2008. "Wacker expects that the acquisition will provide strategic advantages to its global construction-polymers business," the company said in a statement. "Benefits include synergies and cost advantages." Wacker will retain the Vinyl Acetate Ethylene activities of the joint venture, while Air Products will receive full ownership in the Elkton, Maryland, and Piedmont, South Carolina, production facilities and their related businesses plus cash considerations of $265 million.
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