Nouryon Completes Spin-out of Nobian
Nouryon, the former specialty chemical business of AkzoNobel, has completed the spin-out of its base chemicals business, Nobian. The latter company will be held separately by Nouryon’s private equity owners, the Carlyle Group and GIC.
As part of the spin-out transaction, Nouryon repaid € 1.5 billion of its debt with the proceeds of a completed external financing by Nobian. To help ensure a seamless transformation, Nouryon will continue to provide transitional support services to Nobian across multiple functional areas.
Nouryon, focused globally, specializes in sustainable solutions for manufacturing everyday products in areas such as personal care, cleaning goods, paints & coatings, agriculture and food, along with pharmaceuticals and building products. The company with about 7,900 employees in more than 80 countries had sales revenues of €3.7 billion in 2020.
Nobian, with a more European focus, produces base chemicals for industries ranging from construction and cleaning to pharmaceuticals and water treatment. The company employs about 1,600 people and posted revenues of €1 billion in 2020.
Charlie Shaver, chairman and CEO of Nouryon and chairman of Nobian, said the split will allow Nouryon to benefit from an “increasingly specialized and leading portfolio in Performance Formulations and Technology Solutions, driven by resilient and growing end-markets.”
Author: Dede Williams, Freelance Journalist
