AMSTERDAM, the Netherlands - AkzoNobel plans to acquire Boxing Oleochemicals. Boxing is a leading supplier of nitrile amines and derivatives in China and throughout Asia.
Established in 1993 and based in the province of Shandong, Boxing had revenues in 2010 of approximately EUR 100 million. Its activities will be integrated into AkzoNobel’s Surface Chemistry business, a global leader in the manufacture and supply of specialty surfactants, synthetic and bio-polymers additives used as formulation ingredients and process aids in many applications ranging from home and personal care to asphalt road paving. Demand in Asia for amines and derivatives is being driven by population growth, an expanding middle class, increased focus on sustainability, and the buildup of infrastructure, notably in China and India.
Bob Margevich, Managing Director of AkzoNobel Surface Chemistry, commented, “The demand for amines and derivatives is expected to increase significantly over the next few years, with a third of the Asian demand for amines coming from China alone. We plan to enhance the process capabilities and increase capacity at the Shandong site by introducing our state-of-the-art manufacturing technology. We will also introduce new products to the marketplace based on AkzoNobel’s product and application knowhow.”
The completion of the transaction is subject to closing conditions, including the approval of the Chinese authorities. It is expected to be finalized in the last quarter of 2011.
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