PRESS RELEASE: Akzo Nobel has reached an agreement in principle to sell its 50 percent stake in rubber chemicals business Flexsys to joint venture partner Solutia Inc.
Arnhem, the Netherlands, December 15, 2006 — Akzo Nobel has reached an agreement in principle to sell its 50 percent stake in rubber chemicals business Flexsys to joint venture partner Solutia Inc. Financial details were not disclosed.
The proposed deal also includes the sale of Akzo Nobel’s toll manufacturing operation for Flexsys at the company’s Kashima site in Japan.
“The recent realignment of our Chemicals portfolio concentrated our focus on core business,” explained Leif Darner, Akzo Nobel’s Board member responsible for Chemicals. “Our stake in Flexsys no longer fitted in with our future growth plans and this deal will enable Solutia to build the business as the sole, dedicated owner.”
Formed in 1995, Flexsys is the leading global supplier of chemicals to the rubber industry, employing around 1,000 people worldwide. Sales in 2005 totaled approximately USD 600 million.