AkzoNobel Will Sell Its Interest In ICI Pakistan

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.