Air Products and Chemicals announced plans to sell its polyvinyl alcohol business to Celanese AG of Germany for $326 million.

ALLENTOWN, PA — Air Products and Chemicals Inc. announced plans to sell its polyvinyl alcohol business to Celanese AG of Germany for $326 million. The transaction was expected to close by the end of September, pending regulatory approvals. Air Products said the sale reflects its goal of “optimizing its business portfolio,” and noted that it is not “back-integrated” into vinyl acetate monomer, a key raw material in the production of polyvinyl alcohol.