Arnhem, the Netherlands, May 17, 2006 — Akzo Nobel has decided to withdraw Salt Specialties from its list of Chemicals businesses to be divested.
Although several parties expressed a serious interest in acquiring the business, the decision not to sell the Salt Specialties activities was made when it became clear that a satisfactory deal based on the company’s original divestment offer would not be forthcoming.
“The main reason for keeping the business is that all potential buyers were interested in expanding the divestment package to include other salt activities which were not for sale,” explained Leif Darner, the Akzo Nobel Board Member responsible for Chemicals. “Despite continued efforts to finalize a satisfactory deal based on the original proposal, we decided to withdraw from the sales process because no commercially acceptable solution to our proposed divestment was going to materialize.”
The Salt Specialties business, which has manufacturing facilities in the Netherlands and Denmark, will now remain within Akzo Nobel.
Akzo Nobel has already completed three Chemicals divestments during 2006. The Polymerization Catalysts & Components Business in the United States has been sold to Basell Polyolefins, a deal to sell the Electro Magnetic Compatibility business in Japan has been concluded and the company’s 65 percent majority interest in its Malaysian oleochemicals joint venture has also been sold.
The company expects to complete all remaining divestments resulting from the strategic realignment of its Chemicals portfolio during 2006.