AkzoNobel to divest National Starch business for $1.3bn
(Thomson Reuters ONE) -
Akzo Nobel N.V. (AkzoNobel) today announced the sale of its National Starch
business to Corn Products International. The company will receive $1.3bn in cash
and the buyer will assume certain pension and employee benefit liabilities.
The transaction, which has been approved by the Boards of both AkzoNobel and
Corn Products International, is expected to close at the end of the third
quarter of 2010, subject to the appropriate regulatory approvals.
Corn Products International is a leading global provider of ingredient solutions
for diversified industries based in Westchester, Illinois, in the US.
National Starch - a subsidiary of the former ICI - was taken over by AkzoNobel
as part of its acquisition of ICI in January 2008. While it was regarded as an
excellent business, the Board of AkzoNobel concluded that National Starch did
not offer sufficient opportunity to create value within the company's
transformed coatings and specialty chemicals portfolio. In April 2010, it was
announced that AkzoNobel had received renewed expressions of interest in
National Starch, which had accordingly been reclassified as a discontinued
operation.
Commenting on the divestment, CEO Hans Wijers said: "I am pleased that we have
found a respected company to be the new home of National Starch, where it will
once again be a core operation. This transaction today marks the strong focus on
our core business and confirms AkzoNobel's transformation into the world's
largest global coatings and specialty chemicals company. "We can look to the
future with much confidence as we are well positioned to capture growth both
organically and by selected acquisitions."
"The acquisition of National Starch represents an exceptional opportunity for
Corn Products International and a significant step forward toward achieving our
strategic goals," said Ilene Gordon, Chairman, President and Chief Executive
Officer of Corn Products International. "The acquisition aligns with our
strategic priorities to grow our ingredient portfolio, increase our presence in
priority food processing segments, enter new markets, and develop innovative
solutions that better serve our customers."
National Starch is a recognized innovator in food ingredients and specialty
starches. The company had 2009 revenue of $1.2 billion from sales of specialty
starches to both local and multinational customers in the food, papermaking,
consumer and industrial markets. It has 2,250 employees around the world and
operates 11 plants in eight countries.
- - -
Note to editors - not for publication
AkzoNobel is the largest global paints and coatings company and a major producer
of specialty chemicals. We supply industries and consumers worldwide with
innovative products and are passionate about developing sustainable answers for
our customers. Our portfolio includes well known brands such as Dulux, Sikkens,
International and Eka. Headquartered in Amsterdam, the Netherlands, we are a
Global Fortune 500 company and are consistently ranked as one of the leaders on
the Dow Jones Sustainability Indexes. With operations in more than 80 countries,
our 55,000 people around the world are committed to excellence and delivering
Tomorrow's Answers Today(TM).
Not for publication - for more information
Corporate Media Relations, tel. +31 20 502 7833 Corporate Investor Relations,
tel. +31 20 502 7854
Contact: Tim van der Zanden Contacts: Huib Wurfbain and Ivar
Smits
[HUG#1425574]
Pdf file AkzoNobel press release: http://hugin.info/130660/R/1425574/373749.pdf
This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the information contained therein.
All reproduction for further distribution is prohibited.
Source: Akzo Nobel NV via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 21.06.2010 - 08:00 Uhr
Sprache: Deutsch
News-ID 22720
Anzahl Zeichen: 0
contact information:
Town:
Amsterdam
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 250 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"AkzoNobel to divest National Starch business for $1.3bn"
steht unter der journalistisch-redaktionellen Verantwortung von
Akzo Nobel NV (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
