AkzoNobel concludes sale of primary amides business to PMC Group

AkzoNobel has completed the sale of its primary amides chemicals business to PMC Group effective December 31, 2013 for an undisclosed amount. Under the terms of the agreement, a manufacturing facility in Kyungju, South Korea, and all 37 employees will transfer to PMC Group with immediate effect, along with the erucamide, oleamide and other primary and secondary amides sold under the Armoslip trade names. Primary amides products are used primarily in the polymer industry to create plastics bags and plastic films for packaging.
 
The sale follows a review of the business' fit within AkzoNobel's Functional Chemicals portfolio, where it operated as a standalone activity. “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,” explained Werner Fuhrmann, AkzoNobel’s Executive Committee member responsible for the Specialty Chemicals business.
 
Added Debtosh Chakrabarti, President of PMC, “We are excited about this acquisition, which adds to our portfolio of specialty chemicals derived from renewable oleochemicals. The business complements PMC’s leading global position in polymer additives and provides us with a strong manufacturing location in Asia for these specialty products.”