Dutch chemical group Akzo Nobel NV announced Friday that it is to expand its specialty chemicals division with the takeover of German company H.C. Starck and Chinese firm Jiangsu QiangSheng.
The Chinese acquisition is expected to be completed in the second quarter and the German deal no later than the third quarter, the company said in a statement. No financial details were disclosed.
Akzo said its pulp & paper chemicals business, Eka Chemicals, will acquire Levasil, the silica sol business of Germany's H.C. Starck Group. The deal is subject to regulatory approval.
Meanwhile, Akzo's polymer chemicals unit has agreed to purchase two organic peroxides product lines from China's Jiangsu QiangSheng, the statement said.
"These two transactions underline our strategic commitment to grow our existing portfolio. They will further improve our capability to serve customers in key markets where we already hold strong global positions," said Rob Frohn, head of Akzo's specialty chemicals division.
Akzo Nobel, the world's biggest paint company, said earlier this week that it was confident of maintaining results this year in line with 2007's earnings despite the weak figures in the first quarter.
(Xinhua News Agency May 10, 2008)