Akzo Nobel (Arnhem, the Netherlands) has completed the sale of its Catalysts and Phosphorus Chemicals businesses for a total of 850 million euros, free of cash and debt, and prior to final closing adjustments for working capital. Both deals involve all assets and all current employees of the companies. "The company's drive to create more financial room to maneuver is on track," says Hans Wijers, chairman of Akzo Nobel's board of management.
Bayer AG (Leverkusen, Germany) has announced a name change of Bayer Polymers L.L.C. to Bayer MaterialScience L.L.C., in response to a Bayer Group reorganization announced in November 2003. In the reorganization, Bayer announced that its activities would be grouped into three businesses: Bayer MaterialScience, Bayer Healthcare and Bayer CropScience. The MaterialScience business, based in Pittsburgh, includes the company's coatings, adhesives, sealants and polyurethanes products.