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AkzoNobel Cuts Paper Chemicals

Wednesday, May 6, 2015

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AMSTERDAM—AkzoNobel has finalized a €153 million ($170.4 million USD) divestment of its paper chemicals business to Kemira Oyj, the Netherlands-based company announced Monday (May 4).

Kemira is a Finnish global chemicals company with a focus on pulp and paper, oil and gas, mining and water treatment.

Paper Chemicals is part of the AkzoNobel's Pulp and Performance Chemicals business, a division of Specialty Chemicals.

AkzoNobel paper divestment
Screen grab via Kemira

AkzoNobel has finalized a €153 million ($170.4 million USD) divestment of its paper chemicals business to Kemira Oyj.

The deal was first announced in July 2014.

Paper Portfolio

"This is another step in our strategy to focus on leading positions in bleaching chemicals, colloidal silica and expandable microspheres," said Niek Stapel, managing director of the Pulp and Performance Chemicals business.

According to Stapel, the deal includes an agreement for distribution of colloidal silica to the paper industry.

The Pulp and Performance Chemicals portfolio includes products and technologies used in a variety of other applications, marketed under brands including Bindzil, Expancel, Kromasil and Levasil.

Pulp and Performance Chemicals saw a 12 percent increase in revenue year-over-year for the first quarter of 2015, reaching €273 million.

Overall revenue for the business was €1.009 billion in 2014, down from €1.036 billion in 2013 and €1.153 billion in 2012.

Paper Chemicals generated annual revenue of €243 million in 2013, according to AkzoNobel.

6 Sites, 350 Workers

Six of AkzoNobel's paper chemicals manufacturing sites and about 350 employees will be transferred to Kemira, which will also increase the production capacity of its own paper chemical manufacturing sites.

The production sites being transferred are in South Korea, Thailand, Indonesia, Australia, Spain and Italy.

The intregration period of the transaction is expected to last about two years and result in €15 million net synergies on an annualized basis.

"This acquisition strengthens our market position, especially in the growing APAC region," said Jari Rosendal, Kemira's president and CEO.

The acquisition is expected to increase revenue by more than €200 million on an annualized basis as of the completion date, according to Kemira.

   

Tagged categories: Acquisitions; AkzoNobel; Business operations; Finance; Pulp and Paper Plants

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