AkzoNobel completes sale of Primary Amides business to PMC Group
AkzoNobel has completed the sale of its Primary Amides chemicals business to PMC Group effective December 31, 2013. Financial details were not disclosed.
Under the terms of the agreement, a manufacturing facility in Kyungju, South Korea, and all 37 employees will transfer to PMC Group with immediate effect, along with the erucamide, oleamide and other primary and secondary amides sold under the Armoslip® trade names.
The sale follows a review of the business' fit within AkzoNobel's Functional Chemicals portfolio, where it operated as a standalone activity. "Our focus is on extending our leading market position in organic peroxides and metal alkyls, as evidenced by our recent expansion investments in China, the US and Mexico," explained Werner Fuhrmann, AkzoNobel's Executive Committee member responsible for the Specialty Chemicals business.
Other news from the department business & finance
