The companies did not disclose terms of the sale, which includes a refinery in Smethport, Pa., with capacity to make 70,000 metric tons of bauxite wax per year.

IGI said it made the acquisition to enhance its leadership position in the candle, food and industrial packaging and tire and rubber industries. The Wayne, Pa., company already owns a refinery in Toronto – which it claims is the largest independent wax refinery and blending plant in North America – as well as terminals and blending facilities in Oshkosh, Wis., Baytown, Texas, and on the West Coast.

Honeywell had stated previously that it wanted to exit the industrial wax business because itwas not acore activity. In April it sold its European and Asian wax operations to Paramelt BV.

The Specialty Additives business that Honeywell retains sells customized lubricants for the vinyl processing industry under the Rheochem brand name, as well as performance additives and pigments. Honeywell is based in Morris Township, N.J.