AkzoNobel plans to sell its global paper chemicals business to Finnish chemical producer Kemira for €153 million. The unit that belongs to Pulp and Performance Chemicals business reported sales of €243 million in 2013.

CEO Ton Büchner said the intended sale follows a strategic review of the AkzoNobel portfolio with an eye to focusing on leading positions.

The Pulp Bleaching business, with its Eka trade name, and the Colloidal Silica business are regarded as core and are not up for sale.

Werner Fuhrmann, the Dutch group's Executive Committee member responsible for Specialty Chemicals, said the Pulp and Performance Chemicals business will continue to focus on global leadership positions in pulp bleaching, colloidal silica and expandable microspheres.

Akzo Nobel plans to continue toll manufacture of certain products for Kemira and also will sign a distribution agreement with the buyer for the paper- related part of Colloidal Silica.

The transaction is expected to be completed about six months, subject all clearances.