The deal includes the catalyst manufacturing business and other assets located at the company’s site in Edison, New Jersey. The business had a turnover of almost $60 million in 2005. All 79 employees will transfer to the new owners.
“This agreement represents another important step towards completing the series of divestments resulting from last year’s strategic portfolio realignment,” explained Leif Darner, Akzo Nobel’s Board Member responsible for Chemicals.
This agreement is the third chemicals business divestment announced by Akzo Nobel in 2006 following deals to sell its Electro Magnetic Compatibility business in Japan and the company’s 65% majority interest in its Malaysian oleochemicals joint venture.
The company said that the remaining divestments are expected to be completed by the middle of the year.