In a transaction set to close in the third quarter of this year, AkzoNobel has announced plans to sell its biomaterials technology to Ashland of the US.

The Dutch chemical producer said the business is in its early phase of commercialization, and the divestment plans follow a strategic review that determined it was not a good fit with the company’s portfolio.

The activities are focused on plant-based chemistry used to develop products for various applications, such as high performance beauty technologies.

“This transaction will enable us to focus on our core technology platforms of specialty surfactants and polymers and help reinforce our leadership position in both areas,” Akzo Nobel said.