Akzo Nobel sells starch business to American Corn Products

21st June 2010, Comments 0 comments

Dutch-Swedish chemicals group Akzo Nobel announced the sale on Monday of its National Starch business to American Corn Products for 1.3 billion dollars (1.0 billion euros), saying it did not fit with its special chemicals and coatings activities.

The deal would be completed by the end of the third quarter of the year, it said.

National Starch had sales of 1.2 billion euros last year, employs 2,250 people, and has 11 factories in eight countries.

It was acquired by Akzo Nobel as part of British group ICI which the Dutch company bought in January 2008.

Akzo Nobel chief executive Hans Wijers said that the sale was part of his company's strategy of concentrating on advanced chemcials and industrial coatings.

Corn Products International is based at Westchester in Illinois.

© 2010 AFP

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