AkzoNobel to sell stake in Pakistan PTA activiti - sportstextiles: Lea SportsTextiles

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AkzoNobel to sell stake in Pakistan PTA activities

01/06/2009

Chemical manufacturer AkzoNobel has announced that it will sell its 75% stake in the Pure Terephthalic Acid (PTA) activities of its Chemicals Pakistan business to Korean rival KP Chemical Corporation.

The operation to produce PTA, a key component in the manufacture of polyester fibre, involves a site in Karachi that employs around 200 people. The transaction is expected to be completed in the fourth quarter of 2009.

“In spite of good performance and a dedicated team, the PTA activities and its future requirements do not fit with AkzoNobel's strategic priorities,” explained Rob Frohn, the AkzoNobel Board member responsible for specialty chemicals. “KP Chemical, who are looking to expand PTA capacity and geographic reach, will be a better match for the business going forward.”

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