OpenGate Capital said that it signed an agreement with Belgian chemicals company Solvay to acquire its Benvic PVC plastic compounding business.

The Beverly Hills private equity firm said late Monday that closing the deal will be subject to European regulatory approvals and consultation procedures with Benvic employee representatives. Financial terms were not disclosed.

Benvic develops, produces and markets PVC-based thermoplastic powders and compounds used in construction, automotive, aerospace and other industries. It has manufacturing facilities in France, Italy and Spain. The business employs more than 200 people with annual revenue of $220 million.

Benvic is “in line with our strategy to develop our presence in the global PVC industry after having acquired Profialis from Tessenderlo Group in January,” Chief Executive Andrew Nikou in a statement.