Littlejohn & Company, the US private equity firm, has bought the France-based speciality chemicals business of Goodyear, the tyre manufacturer, in a rare European deal for the US firm.

Financial details of the agreement were not disclosed, but Littlejohn typically invests in controlling stakes, investing between $50m (€55m) and $75m worth of equity per deal. Goodyear's specialty chemical business, which includes resins for paints, coatings and print toners, and rubber and plastic anti-degradants, generated sales of more than $120m in 2000. It has two facilities in France and one in the US, and has over 400 employees.