AkzoNobel has finalized the €153 million sale of its global paper chemicals business to Kemira, completing the deal first announced in July 2014.

Niek Stapel, managing director Pulp and Performance Chemicals at the Dutch specialty chemicals producer called the divestment "another important step in our strategy to focus on leading positions in bleaching chemicals, colloidal silica and expandable microspheres."

The agreement with Kemira includes the distribution of colloidal silica to the paper industry, and the company is looking forward to future growth of this product line, Stapel added.

AkzoNobel said it will continue to maintain a strong presence in the pulp industry as the leading global supplier of chemicals and customized solutions for bleaching pulp, marketed under its Eka brand.