The sale is expected to close in the fourth quarter of 2018.
"Our business is on a growth trajectory," said Johan Landfors, executive committee member responsible for Polymer Chemistry. "Over the past three years, we have invested more than €180 million to better serve our customers, upgrade technologies, increase capacity, and reposition our global manufacturing footprint. The acquisition of Polinox presents a great opportunity to further strengthen our presence in the South American market."
The company will acquire Polinox's brands and trademarks, which include Brasnox, Perbenzox, and TecnoxSuper, as well as its customer list and production know-how. AkzoNobel Specialty Chemicals will invest to add capacity in its own site at Itupeva, Brazil and transfer manufacturing there after the expansion is completed.
"It is very gratifying to look back over the years and think about everything that we were able to accomplish here at Polinox," Managing Director Roberto Pontifex said. "AkzoNobel Specialty Chemicals is highly respected in South America, and I am excited to know that Polinox will play a part in its growth ambitions."
Added AkzoNobel Specialty Chemicals CEO Werner Fuhrmann: "This is an exciting opportunity to further expand our position in an important growth market. Making smart, strategic acquisitions is another key element of our strategy to invest to grow with our customers."