ARNHEM, The Netherlands - Akzo Nobel announced an agreement to sell the majority of its Acordis fibers business to a consortium led by CVC Capital Partners for 825 million euros (EUR). The move is in line with Akzo Nobel's strategy of focusing on its pharmaceuticals, coatings and chemicals businesses, the company said.

Under a transition of Acordis to a stand-alone business, Akzo Nobel will retain a 21% stake in the business, with CVC to hold a 64% share and Acordis management to assume a 15% stake.