October 5, 2010

Akzo Nobel India to sell starch business for US$2.7 million

Akzo Nobel India Ltd. said Monday (Oct 4) it agreed to sell its specialty starches business, National Starch LLC, to Corn Products International Inc. (CPO) for INR120 million (US$2.7 million).

The deal value is subject to adjustment toward working capital and related provisions, Akzo said in a filing with the Bombay Stock Exchange.

National Starch had annual revenue of about INR100 million (US$2.24 million) in the year ended March 31, 2010.

The unit of Netherlands-based Akzo Nobel N.V. (AKZOY) said it expects the transaction to close in the current fiscal year.