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AkzoNobel to Sell PTA Business in Pakistan to Korean Firm

6:56 AM MDT | May 29, 2009 | Deepti Ramesh

AkzoNobel says it has agreed to divest its 75% stake in the purified terephthalic acid (PTA) activities of its Chemicals Pakistan business to petrochemical firm KP Chemical (Seoul). The business does not fit with the rest of AkzoNobel’s portfolio, the company says. Financial details of the deal were not disclosed. The transaction is expected to be completed in the fourth quarter of 2009. AkzoNobel acquired a 75% stake in Pakistan PTA Ltd., which is listed on the Karachi Stock Exchange, as part of the acquisition of ICI in 2008. AkzoNobel told CW last year...

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