SOURCE: Akzo Nobel NV

October 01, 2010 06:21 ET

AkzoNobel completes National Starch divestment

AMSTERDAM, NETHERLANDS--(Marketwire - October 1, 2010) -

AkzoNobel has today finalized the $1.3bn sale of its National Starch business to Corn Products International. The transaction was announced on June 21, 2010.

National Starch was taken over by AkzoNobel as part of its acquisition of ICI in 2008, but did not offer sufficient opportunity to create value within the company's transformed portfolio.

"I'm pleased that we have secured a highly respected new owner for the business, which now enables us to put more energy and focus into our growth strategy which we announced earlier this week," said AkzoNobel CEO Hans Wijers.

Headquartered in Westchester, Illinois, in the US, Corn Products International is one of the world's largest suppliers of high quality food ingredients and industrial products derived from the wet milling and processing of starch- based materials.

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AkzoNobel is the largest global paints and coatings company and a major producer of specialty chemicals. We supply industries and consumers worldwide with innovative products and are passionate about developing sustainable answers for our customers. Our portfolio includes well known brands such as Dulux, Sikkens, International and Eka. Headquartered in Amsterdam, the Netherlands, we are a Global Fortune 500 company and are consistently ranked as one of the leaders on the Dow Jones Sustainability Indexes. With operations in more than 80 countries, our 55,000 people around the world are committed to excellence and delivering Tomorrow's Answers Today™.

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