Apr 3 2007
Akzo Nobel has agreed to sell its European- based Methylamines and Choline Chloride (MACC) businesses to Balchem Corporation, New York (U.S.), a deal which completes the company’s Chemicals divestment program.
Balchem Corporation’s European subsidiary, Balchem, B.V., has entered into an agreement under which it will acquire the businesses - located in Marano Ticino, Italy - from Akzo Nobel Chemicals S.p.A. Financial details were not disclosed.
“We are confident that this transaction will be a positive step both for the business and its employees,” explained Leif Darner, Akzo Nobel’s Board member responsible for Chemicals. “This deal means that we have now completed the divestment program that we started in 2005 following the company’s strategic realignment of its Chemicals portfolio.”
Added Dino A. Rossi, President, CEO and Chairman of the Board of Directors of Balchem: “This acquisition is very strategic for Balchem in many respects. It should provide many opportunities for Balchem’s global growth plans, and it also adds a direct European presence, which we have not had previously.”
Under the terms of the deal, the company’s operations in Marano Ticino and approximately 80 employees will be transferred to the new owner. Unions and employee representative bodies have been informed and consultation procedures will commence shortly, where applicable. Regulatory approvals will be sought as and where appropriate.