MOSCOW (MRC) -- AkzoNobel has completed the sale of its Primary Amides chemicals business to PMC Group effective December 31, 2013, said the producers in its press release.
Financial details were not disclosed. Under the terms of the agreement, a manufacturing facility in Kyungju, South Korea, and all 37 employees will transfer to PMC Group with immediate effect, along with the erucamide, oleamide and other primary and secondary amides sold under the Armoslip trade names.
The sale follows a review of the business' fit within AkzoNobel's Functional Chemicals portfolio, where it operated as a standalone activity. "Our focus is on extending our leading market position in organic peroxides and metal alkyls, as evidenced by our recent expansion investments in China, the US and Mexico," explained Werner Fuhrmann, AkzoNobel’s Executive Committee member responsible for the Specialty Chemicals business.
Added Debtosh Chakrabarti, President of PMC: "We are excited about this acquisition, which adds to our portfolio of specialty chemicals derived from renewable oleochemicals. The business complements PMC’s leading global position in polymer additives and provides us with a strong manufacturing location in Asia for these specialty products."
Primary Amides products are used primarily in the polymer industry to create plastics bags and plastic films for packaging.
As MRC informed before, in October 2013 AkzoNobel finalized the EUR260 million divestment of its Building Adhesives business to Sika AG.
Akzo Nobel N.V., trading as AkzoNobel, is a Dutch multinational, active in the fields of decorative paints, performance coatings and specialty chemicals. Headquartered in Amsterdam, the company has activities in more than 80 countries, and employs approximately 55,000 people.