NORTH CHARLESTON, South Carolina (From news reports) -- Chemical maker Ingevity Corp. is making its first major acquisition since becoming an independent company, striking a deal to buy a business from Georgia-Pacific for $315 million in cash.

The sale announced Tuesday is expected to close by the end of the year.

Ingevity is buying Georgia-Pacific's pine chemicals business, which makes specialty ingredients used in adhesives, cleaners, paints, inks and other products. They also have applications in the metalworking, mining, oilfield, packaging and rubber processing industries. About 90 percent of the sales are to customers in North America.

Ingevity also manufactures chemicals from pine trees.

"By combining the companies, we will have a stronger, more competitive ... business," CEO Michael Wilson said.

Rick Urschel, president of Georgia-Pacific Chemicals, said the sale "to an established player in the industry is in the best interest of our customers and stakeholders."

The business will fall under Ingevity's performance chemicals division, which Wilson said is rebounding after being hurt by falling prices and a slowdown in sales to oil-drillers.

"This acquisition will provide a stronger platform from which we will accelerate profitable growth," he said.

The deal will give Ingevity a plant in Crossett, Ark., that employs about 70 workers. The sale includes inventory, customer lists, patents and trade names.

Wilson said he expects cost savings will total about $11 million by combining the businesses.

The two companies will maintain a business relationship after the sale. Georgia-Pacific 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 business more than a year ago by WestRock Co., which acquired the business through its 2015 purchase of MeadWestvaco Corp. It previously was called MWV Specialty Chemicals.

The company operates from 25 locations worldwide and has about 1,500 employees.

In June, Ingevity announced plans to invest $20 million in a new plant in China that will make carbon pellets used in the vapor emission control systems of automobiles and boats.

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