AkzoNobel subsidiary sold for $1.3bn
Ingredients supplier Corn Products International has bought National Starch, a speciality starch company, from AkzoNobel for $1.3bn in cash.
With this acquisition Corn Products International intends to build an ingredient solutions business worth $5bn, according to chairman, president and ceo Ilene Gordon. “The combined company will benefit from leading, innovative technology; enhanced geographic scale; a broader and deeper product portfolio; and access to new market segments,” he said. “This acquisition gives us access to new markets such as Europe and improves our scale and capabilities in many of our existing global locations.”
Hans Wijers, ceo of AkzoNobel, which took over National Starch as part of its acquisition of ICI in 2008, 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 speciality chemicals company.”
The deal is expected to close by the end of Q3 2010.