Durham-based Reichhold Holdings International B.V. announced Thursday it has agreed to sell to Ashland Global Holdings Inc. its composites resin manufacturing plant in France for an undisclosed amount.

If the deal gets regulatory approval, it will be completed by the end of June, the companies say.

According to the company, the downsizing by Reichhold is part of the company’s adjustment to a new strategy following its May 2016 combination with Polynt.

“The proposed divestiture of the Étain facility is important for the finalization of the Polynt/Reichhold combination creating a leading global vertically-integrated manufacturer of resins for composites,” said John Gaither, president and CEO of Reichhold, in a release.

Polynt Composites is a manufacturer of gel coats, composite resins and industrial cleaners.

Polynt and Reichhold merged in May 2016 after investors in both companies hoped to leverage the synergies that would result from combining such similar businesses, eliminating redundant operations and improving overall profitability.

Polynt was wholly owned by funds managed by “Industrindustrial,” and Reichhold was owned by a group of investors including Black Diamond Capital Management LLC.

The investors are majority stakeholders in the business, but with equal portions of equity.

“The manufacturing footprint of the Polynt/ Reichhold combined entity will provide the ideal platform to service our customers,” Gaither said.

The manufacturing plant is located in Etain, France, and currently employs 50 people.

Both companies manufacture unsaturated polyester resin, which is for use in injection and compression molds common in the automotive and appliance industries.

Reichhold currently operates 17 manufacturing facilities in the U.S. and has 1,300 employees.

The company was founded in 1927 when Henry Reichhold, a German immigrant working at a Ford plant, introduced synthetic resins and reduced the drying time of car paint from weeks to hours. This in turn enabled the assembly line to perform as Henry Ford envisioned.

In 2015, Reichhold was reorganized with new ownership.

Ashland Global Holdings, the company which made the offer on the French factory, is a chemical manufacturing company and the holding company for consumer brands such as Valvoline motor oil.