AkzoNobel to Sell Stake in Pakistan PTA Activities     

AkzoNobel has agreed to divest its 75% stake in the PTA (pure terephthalic acid) activities of its Chemicals Pakistan business to Korean company KP Chemical Corporation (KPC).
    The holding in Pakistan PTA Limited was acquired by AkzoNobel in 2008 as part of the acquisition of ICI. The company has a site in Karachi and around 200 employees. 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 is looking to expand their PTA capacity and geographic reach.