12 October 2012 10:55 [Source: ICIS news]
LONDON (ICIS)--Adhesive and surface materials manufacturer Dynea is to sell its Asia Pacific business to Japanese polymer manufacturer AICA Kogyo, the Finnish company said on Friday.
AICA is to pay €150m ($195m) in cash for the business, which comprises 18 facilities in eight countries across the Asia Pacific region. The unit employs 1,200 people and generated net sales of €220m in 2011.
The sale was driven by a decision by Dynea to refocus on its European activities, in particular phenolic resin operations, the company said. Dynea is 89%-owned by Nordic private equity firm IK Investment Partners, and sold its North American operations to the private investment arm of the Ontario Teachers Pension Plan in July 2007.
($1 = €0.77)
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