Bilcare, a provider of research led packaging to the global pharmaceuticals industry, is set to buy INEOS Group's Global Films business for about €100m, under a binding agreement signed between the companies.

The contract includes the assets, business and personnel related to INEOS' Films operations located in North America, Europe and Asia.

Iain Hogan, CEO of INEOS Films, said: "Bringing together Bilcare's research and development focus with our own broad production and application knowledge provides a very strong strategic fit.

"This agreement with Bilcare will put INEOS Films assets and people at the centre of a new business with the innovation and drive necessary for it to grow and further develop, which is good for the business and its customers globally."

Heinz Gaertner, executive chairman of Bilcare, said: "This transaction presents a unique opportunity and enhances our offer to apply our led approach to a broad range of industries, currently served by INEOS Films, particularly in Europe and US."

Bilcare and INEOS said that the transaction is expected to be completed at the end of August, subject to necessary regulatory filings and approvals, including German Court and approvals under applicable antitrust laws and regulations.