07 January 2014 17:12 [Source: ICIS news]
LONDON (ICIS)--Netherlands-based coatings major AkzoNobel said on Tuesday that it has completed the sale of its South Korean primary amides operations to US-headquartered chemicals and plastics producer PMC Group.
A manufacturing facility in Kyungju and 37 employees will transfer to PMC with immediate effect, along with several primary and secondary amides sold under the Armoslip brand. A deal value was not disclosed.
AkzoNobel said that the sale was prompted by a review of business operations and reflected a shift in priorities.
“Our focus is on extending our leading market position in organic peroxides and metal alkyls, as evidenced by our recent expansion investments in China, the US and Mexico,” said AkzoNobel executive committee member responsible for specialty chemicals Werner Fuhrmann.
Primary amides are used in the polymer industry in the production of plastic bags and films for packaging.
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