AkzoNobel To Split ICI Pakistan | May 9, 2011 Issue - Vol. 89 Issue 19 | Chemical & Engineering News
Volume 89 Issue 19 | p. 24 | Concentrates
Issue Date: May 9, 2011

AkzoNobel To Split ICI Pakistan

Department: Business
Keywords: ICI, Pakistan, paint, coatings

AkzoNobel plans to split ICI Pakistan into two separate companies. Its paint business, which made up 17% of ICI Pakistan’s 2010 sales of $474 million, will go to a new firm called AkzoNobel Pakistan. The other firm, which will retain the name ICI Pakistan, will get polyester, soda ash, and other chemical businesses. AkzoNobel acquired a 75.8% stake in ICI Pakistan, which is a publicly listed company in Pakistan, with its 2008 purchase of ICI. It plans to hold onto a 75.8% stake in AkzoNobel Pakistan but will seek a buyer for its ICI Pakistan stake. AkzoNobel says the ICI Pakistan businesses “do not offer sufficient opportunity to create value within AkzoNobel’s transformed portfolio.”

 
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