Arnhem, the Netherlands, April 2, 2007 - Akzo Nobel has agreed to sell its European-based Methylamines and Choline Chloride (MACC) businesses to Balchem Corporation (NASDAQ: BCPC), 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."
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.
Akzo Nobel MACC is one of the leading producers worldwide for choline chloride and a medium size producer for methylamines. Choline chloride is an essential nutrient for optimum animal growth. Methylamines are used as raw materials for the production of choline chloride and are also widely used in many chemical and industrial applications.
Balchem Corporation consists primarily of three business segments: ARC Specialty Products, Encapsulated/Nutritional Products, and BCP Ingredients. BCP Ingredients manufactures and supplies choline chloride and derivatives used primarily in the poultry and swine industries.
- - -
Note for the editor
Akzo Nobel is a Fortune Global 500 company and is listed on both the Euronext Amsterdam and NASDAQ stock exchanges. It is also included on the Dow Jones Sustainability Indexes and FTSE4Good Index. Based in the Netherlands, we are a multicultural organization serving customers throughout the world with human and animal healthcare products, coatings, and chemicals. We employ around 61,880 people and conduct our activities in these four segments, with operating subsidiaries in more than 80 countries. Consolidated revenues for 2006 totaled EUR 13.7 billion. The financial results for the first quarter will be published on April 24, 2007.
Internet: www.akzonobel.com
Not for publication - for more information
Akzo Nobel nv
Corporate Media Relations, tel. +31 26 366 43 43
Contact: Heleen van de Lustgraaf
