Element Solutions Inc. has completed its acquisition of EFC, a specialty and rare gases producer, in a deal valued at approximately $320 million. The transaction, announced in October and closed this week, accelerates Element’s strategy to expand into high-value industrial markets. EFC’s operations include five manufacturing sites across North America and Europe, collectively generating $270 million in revenue over the trailing twelve months. The acquisition was financed through a combination of cash on hand and a $200 million increase in Element’s existing revolving credit facility.

With the addition of EFC’s advanced materials and rare gases product lines, Element Solutions projects mid-single-digit annual revenue growth for its newly enlarged specialty chemicals segment. EFC supplies ultrapure argon, krypton and specialty mixtures to semiconductor and aerospace customers, markets that have demonstrated 7% compound annual growth over the past three years. By integrating EFC’s five research and development centers and 120 technical staff, Element expects to realize at least $15 million of cost synergies within 18 months and to cross-sell EFC technologies across its existing global customer base.