AkzoNobel Sells Nationa l Starch to Corn Products for $1.3 billion

摘要

AkzoNobel says it has agreed to sell its National Starch (Bridgewater, NJ) business to Corn Products International (Westchester, IL) for $1.3 billion in cash. In addition, the buyer will assume certain pension and employee benefit liabilities. The transaction, already approved by the boards of AkzoNobel and Corn Products, is expected to close at the end of the third quarter of this year, subject to the appropriate regulatory approvals. National Starch, a subsidiary of the former ICI, was taken over by AkzoNobel as part of its acquisition of ICI in January 2008. AkzoNobel sold the adhesives and electronics materials business to Henkel and has been in discussions with potential buyers to sell the rest of National Starch. The business produces starches for the food and paper industries.