AkzoNobel closes €10.1bn divestment of speciality chemicals business

Dutch manufacturer AkzoNobel has sold its specialty chemicals business to The Carlyle Group and GIC for €10.1bn. The company signed the agreement in March this year to focus on its paints and coatings products. The specialty chemicals business manufactures chemicals that are used in pharmaceuticals, plastic packaging, tissue paper, cleaning materials, and food products. AkzoNobel’s CEO Thierry Vanlancker said: “Today is a key milestone in the history of AkzoNobel, creating a focused paints and coatings company, with market-leading positions, strong global brands and a clear strategy to create value for all our stakeholders.