PITTSBURGH — Bayer Corp.’s subsidiary Project Toledo Acquisition Corp. announced an agreement to acquire all the outstanding shares of Sybron Chemicals Inc., a producer of polymers and specialty chemicals, for $35 per share in cash. The acquisition is subject to approvals from regulatory authorities in the United States and Europe, and other customary conditions. The agreement has received the approval of both companies’ boards.

Bayer said the acquisition will provide new technologies and products for its Coatings and Colorants and Specialty Products business groups, and allow those businesses to expand market positions in the NAFTA region. Sybron is a supplier of powder-coatings raw materials and functional polyesters.