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The U.S. conglomerate Sequa Corp. has sold Warwick International, a U.K.-based chemical producer and niche chemical distributor, to a management team for about $230 million. The deal was backed by Close Brothers Private Equity, a British firm that has invested in chemical businesses such as Aroma & Fine Chemicals, Minova, and BWA Water Additives. According to Close, Warwick has annual sales in excess of $320 million. Its main product is tetraacetylethylenediamine, which is used to activate sodium perborate and percarbonate laundry detergent bleaches. Close says Warwick's growth is "driven by acceptance and adoption of Western laundry practices across both Eastern Europe and the Far East."
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