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Business
Akzo Nobel to Continue Its Sell-off Program
by PATRICIA SHORT
February 14, 2005
| A version of this story appeared in
Volume 83, Issue 7
RESTRUCTURING
Dutch chemicals giant Akzo Nobel has just completed a major restructuring project. The company is so happy with the nearly $1.3 billion raised from the sale of chemical businesses that it has decided to sell off even more.
According to CEO Hans Wijers, Akzo Nobel intends to divest businesses with sales last year of roughly $975 million. These businesses include ink and adhesive resins, oleochemicals, salt specialties, additives for polyvinyl chloride, methylamines and derivative choline chloride, and Solar Salt Australia.
The company has already received expressions of interest from potential buyers, according to Chief Financial Officer Rob Frohn.
The first round of divestitures included refining catalysts, phosphorus chemicals, and coatings resins. The decision to embark on a second round follows a detailed look at chemicals that began last August. The company analyzed "various chemicals activities, focusing on strong leadership positions and improved financial performance," Wijers says.
What's left will make up what he terms a "new-look" chemical organization: pulp and paper chemicals, polymer chemicals, a refocused surfactants business, functional chemicals, and a reconstituted base chemicals business that includes chlor-alkali, energy, and electrolysis salt.
The company says it has no intention of selling its Diosynth drug ingredients unit, which has been restructured "to improve performance in the face of heavy pressure from industry overcapacity," Wijers says.
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