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Rockwood Holdings, Inc. ROC, +1.26% today announced that the European Commission has approved the previously announced sale of its Titanium Dioxide Pigments and four other non-strategic businesses to Huntsman Corporation HUN, +6.49% a global specialty chemical company, for an enterprise value of $1.275 billion, including the assumption of $225 million in pension obligations.

The European Commission’s conditional approval follows Huntsman entering into an agreement to sell its TR52 ink grade business to Henan Billions Chemicals Co., Ltd. The transaction with Henan is expected to close shortly after the European Commission’s approval of the buyer.

The Rockwood businesses being sold include Titanium Dioxide Pigments, Color Pigments & Services, Timber Treatment Chemicals, Rubber/Thermoplastics Compounding, and Water Chemistry. This transaction is expected to close in late September or early October.

• [Editor:Mango]