AkzoNobel Sells National Starch | June 28, 2010 Issue - Vol. 88 Issue 26 | Chemical & Engineering News
Volume 88 Issue 26 | p. 22 | Concentrates
Issue Date: June 28, 2010

AkzoNobel Sells National Starch

Department: Business
Keywords: starch, coatings, specialty chemicals, ICI

AkzoNobel is selling National Starch to Corn Products for $1.3 billion in cash plus the assumption of pension and other employee liabilities. The business had earnings before taxes of roughly $150 million on sales of about $1.2 billion from specialty starches for food and industrial applications. Akzo acquired National Starch through its 2008 purchase of ICI, but the business didn’t fit with its strategy of building a coatings and specialty chemical portfolio. Corn Products makes products such as starch, oligosaccharides, dextrose, and high-fructose corn syrup. The two firms expect the deal to close in the third quarter of 2010, after regulatory approvals.

 
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