Akzo Nobel N.V. has
announced the sale of its National Starch business to Corn Products
International. The company will receive $1.3 billion in cash and the buyer will
assume certain pension and employee benefit liabilities. Based
in Westchester, Ill., Corn Products International is a
global provider of ingredient solutions for diversified industries.
The transaction, which has been approved by the boards of both AkzoNobel
and Corn Products International, is expected to close by the end of the third
quarter of 2010, subject to the appropriate regulatory approvals.
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 AkzoNobel board 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.
“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,” said Hans
Wijers, AkzoNobel CEO. “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 CEO 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.”
For more information,
visit
www.akzonobel.com;
www.nationalstarch.com or
www.cornproducts.com.
