Avery will buy Uniroyal’s chemicals business.

Avery, a holding company that mines and produces steam coal through its Avery Coal subsidiary, agreed to pay $700 million in cash plus any increase in the book value of Uniroyal Chemical since the end of 1985. Avery estimated that the aggregate price would be about $710 million. Last November, Uniroyal said it would sell the chemicals unit to help pay the nearly $1 billion in debt incurred in the leveraged buyout of the parent company a year ago. Earlier this month, Uniroyal completed a merger of its tire operations with B. F. Goodrich Co. into a $2-billion joint venture.