AkzoNobel announced the €5 million divestment of its 50 percent share in non-consolidated joint venture Eka Synthomer Oy, to Synthomer. The divestment of these shares follows a strategic review of the businesses within AkzoNobel's portfolio.
Commenting on the transaction, Niek Stapel, Managing Director of AkzoNobel's Pulp and Performance Chemicals business, said: "Following an earlier announcement about the intended divestment of our Paper Chemicals activities to Kemira, this deal completes our exit from the paper chemicals market.
"Divesting our holding in Eka Synthomer Oy will now allow us to focus on our strong chemical platforms, as well as our global leadership positions in bleaching chemicals, colloidal silica, Kromasil and expandable microspheres." The Eka name will remain a core part of AkzoNobel's Specialty Chemicals business.
Eka Synthomer Oy is a non-consolidated joint venture between AkzoNobel Pulp and Performance Chemicals and Synthomer. Based in Finland, it produces and sells styrene-butadiene latex products for the paper and board industry, mainly in Nordic countries.