Group effective December 31, 2013. Financial details were not
Under the terms of the agreement, a manufacturing facility in Kyungju,
South Korea, and all 37 employees will transfer to PMC Group with
immediate effect, along with the erucamide, oleamide and other primary
and secondary amides sold under the Armoslip(R) trade names.
The sale follows a review of the business' fit within AkzoNobel's
Functional Chemicals portfolio, where it operated as a standalone
activity. "Our focus is on extending our leading market position in
organic peroxides and metal alkyls, as evidenced by our recent
expansion investments in China, the US and Mexico," explained Werner
Fuhrmann, AkzoNobel's Executive Committee member responsible for the
Specialty Chemicals business.
Added Debtosh Chakrabarti, President of PMC: "We are excited about this
acquisition, which adds to our portfolio of specialty chemicals derived
from renewable oleochemicals. The business complements PMC's leading
global position in polymer additives and provides us with a strong
manufacturing location in Asia for these specialty products."
Primary Amides products are used primarily in the polymer industry to
create plastics bags and plastic films for packaging.