<article>Paints maker <a href="https://www.dealstreetasia.com/?s=akzonobel">AkzoNobel </a>India Ltd on Tuesday said it will sell its speciality chemicals business to an affiliate of the AkzoNobel Group for Rs320 crore.</article>

Paints maker <a href="https://www.dealstreetasia.com/?s=akzonobel">AkzoNobel </a>India Ltd on Tuesday said it will sell its speciality chemicals business to an affiliate of the AkzoNobel Group for Rs320 crore.
In a filing to BSE, the company said it will sell the speciality chemicals business “as a going concern”, subject to shareholders’ approval.
The business includes the Mahad manufacturing facility for polymer chemistry range of products and it also handles a trading portfolio in polymer and surface chemistry products sourced from other units of AkzoNobel.
About 80 employees, currently working with the special chemicals business, will be transferred along with the business.
In April, AkzoNobel NV announced its intention to separate its speciality chemicals business from paints and coatings business to create two focused and separate businesses.
The India speciality chemicals business, as per the filing, is closely integrated with the global speciality business of AkzoNobel.
“Given the interdependency, the board of directors 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,” the company said in its filing. The transaction is likely to be completed by 31 March 2018, after receiving necessary approvals.
The shares of AkzoNobel closed at Rs1,809.75 per scrip on BSE on Tuesday, down 1.58% the previous close.
Also read:
<a class="tinymce-colortext" style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/tata-chemicals-sale-haldia-plant-indorama-85938/">India: Tata Chemicals board approves Haldia plant sale to Indorama unit for $57.6m</a>
This story was first published on <a href="http://www.livemint.com/Companies/qc0XrP1SOyxIfkasusw2mI/AkzoNobel-to-sell-its-speciality-chemicals-business-for-Rs32.html">Livemint</a>

In a filing to BSE, the company said it will sell the speciality chemicals business “as a going concern”, subject to shareholders’ approval.

India: AkzoNobel to sell its speciality chemicals business for $49m

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief

India: AkzoNobel to sell its speciality chemicals business for $49m

Start your deal-making journey now!

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief