AkzoNobel completes divestment of its National Starch business to Corn Products International

AMSTERDAM, The Netherlands, Oct. 1, 2010 (Press Release) -

AkzoNobel has today finalized the $1.3bn sale of its National Starch business to Corn Products International. The transaction was announced on June 21, 2010.

National Starch was taken over by AkzoNobel as part of its acquisition of ICI in 2008, but did not offer sufficient opportunity to create value within the company's transformed portfolio.

"I'm pleased that we have secured a highly respected new owner for the business, which now enables us to put more energy and focus into our growth strategy which we announced earlier this week," said AkzoNobel CEO Hans Wijers.

Headquartered in Westchester, Illinois, in the US, Corn Products International is one of the world's largest suppliers of high quality food ingredients and industrial products derived from the wet milling and processing of starch-based materials.