AMSTERDAM, the Netherlands - Paint and coating manufacturer AkzoNobel, Amsterdam, the Netherlands, announced the sale of its biomaterials technology to Ashland Inc., Covington, KY. The transaction is expected to be completed in the third quarter of this year.

The business is in its early phase of commercialization, and the divestment of the biomaterials technology follows a strategic review of the business' fit within AkzoNobel's portfolio. The biomaterials activities are focused on plant-based chemistry, which is used to develop products for various applications.