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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.