NORTH CHARLESTON, S.C. (From news reports) -- Ingevity Corp. said Thursday it closed its previously announced deal to buy a business from paper giant Georgia-Pacific Corp. for $310 million. The sale was cleared by federal antitrust regulators last week.

Georgia-Pacific agreed in August to sell Ingevity its pine chemicals unit, which makes ingredients used in adhesives, cleaners, paints, inks and other products. They also are sold to the metalworking, mining, oilfield, packaging and rubber processing industries.

Ingevity also manufactures chemicals from pine trees.

"This acquisition will provide a stronger platform from which we will accelerate the profitable growth of our performance chemicals segment," CEO Michael Wilson said in a statement.

The deal was Ingevity's first big acquisition since becoming an independent company. It gives the company a plant in Crossett, Ark. The sale also included inventory, customer lists, patents and trade names.

The company said it expects to cut about $11 million in costs by combining the businesses.

The buyer and seller will maintain a business relationship: Georgia-Pacific's paper mills will supply Ingevity with a pine-based chemical called crude tall oil under a 20-year, market-based contract.

Ingevity was spun off as a standalone, publicly traded company in 2016 by WestRock Co., which acquired it through its purchase of MeadWestvaco Corp. It previously operated under the name MWV Specialty Chemicals.

The North Charleston company has 25 locations worldwide and employs about 1,500 workers.

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