AkzoNobel sell Indian speciality chemicals business Rs 3200 mn

AkzoNobel to sell speciality chemicals biz in India for Rs 320 cr

11:19 AM, 8th November 2017
AkzoNobel to sell Indian speciality chemicals business for Rs 3200 mn

GURUGRAM, INDIA: AkzoNobel India Limited said that it will sell its speciality chemicals business, as a going concern to an affiliate of the AkzoNobel Group.

The total consideration to be received from this sale will be Rs 3,200 million, for an economic effective date of 1 January 2018.

The business includes the Mahad manufacturing facility for polymer chemistry range of products (which was merged with the company in 2012 at an implied enterprise value of Rs 960 million).

The transaction is likely to be completed by 31 March 2018.

The business also handles a trading portfolio in polymer and surface chemistry products sourced from other units of AkzoNobel. About 80 employees, currently working in the business, will also transfer with the business.

AkzoNobel NV announced previously its intention to separate its speciality chemicals business from its paints and coatings business to create two focused and separate businesses.

The speciality chemicals business of AkzoNobel India Ltd is closely integrated with the global speciality chemicals business of AkzoNobel.

Given this link, the board believes it will be in the best interest of the shareholders, concerned employees and customers that the India speciality chemicals business is also divested to the said speciality chemicals global entity or its affiliate.

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