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January 7, 2014
AkzoNobel completes sale of primary amides business to PMC Group
AkzoNobel (Amsterdam, The Netherlands; www.akzonobel.com) completed the sale of its primary amides chemicals business to the chemicals and plastics company PMC Group Inc. (Mt. Laurel, N.J.; www.pmc-group.com), effective December 31, 2013. Financial details were not disclosed.
Under the terms of the agreement, a manufacturing facility in Kyungju, South Korea, and all 37 employees will transfer to PMC Group with immediate effect, along with the erucamide, oleamide and other primary and secondary amides sold under the Armoslip tradenames.
The sale follows a review of the business' fit within AkzoNobel's Functional Chemicals portfolio, where it operated as a standalone activity.
Primary amides products are used primarily in the polymer industry to create plastics bags and plastic films for packaging.