ERROR 1
ERROR 1
ERROR 2
ERROR 2
ERROR 2
ERROR 2
ERROR 2
Password and Confirm password must match.
If you have an ACS member number, please enter it here so we can link this account to your membership. (optional)
ERROR 2
ACS values your privacy. By submitting your information, you are gaining access to C&EN and subscribing to our weekly newsletter. We use the information you provide to make your reading experience better, and we will never sell your data to third party members.
AkzoNobel has agreed to sell its 75.8% stake in ICI Pakistan to the local firm Yunus Brothers Group for $152.5 million. ICI Pakistan generated $450 million last year from the sale of polyester fiber, soda ash, and other chemicals. AkzoNobel acquired the business through its 2008 purchase of ICI. Last month, AkzoNobel completed the separation of ICI Pakistan’s coatings business into a new company, called AkzoNobel Pakistan, in which it will retain a 75.8% stake. That unit generated about $80 million in sales last year. AkzoNobel first announced its intention to break up ICI Pakistan in April 2011 as a means of focusing its Pakistani business on operations that fit its global profile. AkzoNobel expects the deal to close by the end of the year. Yunus Brothers is a Pakistani conglomerate that has businesses in cement, textiles, power, and real estate. It had about $950 million in sales in 2011.
Join the conversation
Contact the reporter
Submit a Letter to the Editor for publication
Engage with us on X