AkzoNobel to sell stake in Pakistan PTA activities
AkzoNobel has agreed to divest its 75 percent stake in the PTA activities of its chemicals Pakistan business to Korean company KP Chemical Corporation (KPC). Financial details were not disclosed.
The holding in Pakistan PTA Limited was acquired by AkzoNobel in 2008 as part of the acquisition of ICI. The company has a site in Karachi and around 200 employees. The transaction is expected to be completed in the fourth quarter of 2009.
"In spite of good performance and a dedicated team, the PTA activities and its future requirements do not fit with AkzoNobel's strategic priorities," explained Rob Frohn, the AkzoNobel Board member responsible for Specialty Chemicals. "KP Chemical - who are looking to expand their PTA capacity and geographic reach - will be a better match for the business going forward."
PTA (Pure Terephthalic Acid) is an essential raw material for the polyester fiber industry and polyester resins used in the manufacture of PET packaging.
Most read news
Organizations
Other news from the department business & finance

Get the chemical industry in your inbox
By submitting this form you agree that LUMITOS AG will send you the newsletter(s) selected above by email. Your data will not be passed on to third parties. Your data will be stored and processed in accordance with our data protection regulations. LUMITOS may contact you by email for the purpose of advertising or market and opinion surveys. You can revoke your consent at any time without giving reasons to LUMITOS AG, Ernst-Augustin-Str. 2, 12489 Berlin, Germany or by e-mail at revoke@lumitos.com with effect for the future. In addition, each email contains a link to unsubscribe from the corresponding newsletter.