MOSCOW (MRC) -- Finnish chemicals company Kemira said on Tuesday it would buy rival Akzo Nobel's paper chemical business for EUR153 million (USD209 million), a move analysts welcomed as a good deal, said Reuters.
Kemira said it expected more than 15 million euros in annual synergies from the purchase of the unit. "153 million euros is a good price from Kemira's point of view, it gives good preconditions to create more shareholder value," research firm Inderes analyst Antti Viljakainen said.
Last year, Akzo's paper chemical business had revenues of 243 million euros and operating profit before interest, taxes, depreciation and amortisation (EBITDA) reached 23 million, Kemira said. The bulk of its sales came from packaging board grade chemicals. The deal is expected to close in the first quarter of next year.
As MRC wrote before, AkzoNobel has completed the sale of its Primary Amides chemicals business to PMC Group effective December 31, 2013.
Akzo Nobel N.V., trading as AkzoNobel, is a Dutch multinational, active in the fields of decorative paints, performance coatings and specialty chemicals. Headquartered in Amsterdam, the company has activities in more than 80 countries, and employs approximately 55,000 people.
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