(Bloomberg) -- Element Solutions Inc., a specialty chemicals company, has made a binding offer to buy France’s Coventya SAS for about 420 million euros ($511 million), including debt, the company said in a statement.

The cash deal is expected to add 7 cents to Element’s annualized adjusted earnings per share before synergies, according to the statement. That represents accretion of about 5% based on the company’s adjusted EPS guidance of $1.30 or greater for 2021. Element expects to create at least $15 million of annual synergies over the two years following close of the deal.

“Coventya has a long history of providing innovation and high-quality solutions in attractive niche markets like our own,” Benjamin Gliklich, president and chief executive officer of Element, said in the statement. “We believe that Coventya’s deep customer relationships, solutions orientation and outstanding team will improve our company and the breadth and quality of solutions we provide to our key markets.”

Coventya was purchased by private equity firm Silverfleet Capital in 2016 from Equistone Partners for an undisclosed sum. The company provides protective and decorative coatings for parts used in industries including the automotive, aviation and construction sectors.

Element, based in Miami, has been an active buyer in recent years, purchasing Kester Inc. from Illinois Tool Works Inc. in 2019 and H.K. Wentworth Ltd. last month, according to its website.

©2021 Bloomberg L.P.