ARNHEM, the Netherlands - Akzo Nobel has made major progress with its Chemicals divestment program. Two deals have been agreed upon as part of the strategic realignment of the portfolio.

The first transaction concerns a €24 million agreement for oleochemicals, which will see Akzo Nobel divest the 65-percent majority interest in its Malaysian oleochemicals joint ventures to JV partner Lam Soon Group.

The company has also signed an agreement to divest its Electro Magnetic Compatibility (EMC) business to ETL Semko K.K., part of UK company Intertek Group plc.

The divestment program, which was announced in February 2005, involves divesting 14 businesses with combined 2004 sales of €700 million.