AkzoNobel to Sell its 50% Stake in Eka Synthomer JV

As a further step in its ongoing strategic portfolio review, AkzoNobel has announced plans to sell its half of the non-consolidated 50:50 joint venture Eka Synthomer to its Germany-based partner, Synthomer.

Based in Finland, Eka Synthomer produces and sells styrene-butadiene latex products for paper and board industry, mainly in the Nordic countries.

The sale completes the Dutch chemical producer's exit from the paper chemicals market, said Niek Stapel, managing director of AkzoNobel's Pulp and Performance Chemicals business.

In July of this year, the Arnhem-based group agreed to sell its global paper chemicals business with 2013 sales of €243 million to Finnish chemical producer Kemira for €153 million.

"Divesting our holding in Eka Synthomer will now allow us to focus on our strong chemical platforms, as well as our global leadership positions in bleaching chemicals, colloidal silica, Kromasil and expandable microspheres," AkzoNobel said, adding that the Eka name "will remain a core part" of its specialty chemicals business.