Merck KGaA to sell pigment business

Merck KGaA has agreed to sell its Surface Solutions business to Global New Material International (GNMI) for about $720 million. The business, which makes pearlescent pigments and cosmetic ingredients, had sales last year of about $445 million and employs about 1,200. Its 700 employees in Germany will have long-term job guarantees, Merck says. Based in China, GNMI is one of the world’s largest makers of mica- based pearlescent pigments. GNMI says its in-house production of synthetic mica insulates it from declining supplies of natural mica from India.