Global paint and specialty chemical company AkzoNobel says it will sell its global Paper Chemicals business to Kemira for €153 million ($208 million).
Paper Chemicals is part of the company’s Pulp and Performance Chemicals business and generated annual revenue of €243 million ($331 million) in 2013.
The sale does not include AkzoNobel’s Pulp Bleaching business, nor its Colloidal Silica business. For the paper related part of Colloidal Silica, the parties will enter into a distribution arrangement. The Pulp Bleaching business and the Eka name remain core for AkzoNobel’s Specialty Chemicals business.
The parties expect the acquisition to be completed in about six months. AkzoNobel will continue as toll manufacturer of certain products and will enter into an agreement with regards to the colloidal silica supply to Kemira.
In April, AkzoNobel’s Marine Coatings business and The Gold Standard Foundation developed a carbon credit methodology for the international shipping industry that they say is the first of its kind.
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