AkzoNobel has sold its National Starch business to Corn Products International for $1.3 billion.
AkzoNobel has sold its National Starch business to Corn Products International for $1.3 billion. The transaction, which has been approved by the boards of both AkzoNobel and Corn Products International, is expected to close at the end of the third quarter of 2010. Corn Products International is a global provider of ingredient solutions for diversified industries based in Westchester, Illinois, in the U.S. National Starch—a subsidiary of the former ICI —was taken over by AkzoNobel as part of its acquisition of ICI in January 2008. While it was regarded as an excellent business, according to AkzoNobel, the board of concluded that National Starch did not offer sufficient opportunity to create value within the company's transformed coatings and specialty chemicals portfolio. In April 2010, it was announced that AkzoNobel had received renewed expressions of interest in National Starch, which had accordingly been reclassified as a discontinued operation. National Starch is a recognized innovator in food ingredients and specialty starches. The company had 2009 revenue of $1.2 billion from sales of specialty starches to both local and multinational customers in the food, papermaking, consumer and industrial markets. It has 2,250 employees around the world and operates 11 plants in eight countries.