Paper Chemicals is part of the Pulp and Performance business within AkzoNobel's Specialty Chemicals business area. It does not include AkzoNobel's Pulp Bleaching business, nor its Colloidal Silica business. For the paper related part of Colloidal Silica, the parties will enter into a distribution arrangement. The Pulp Bleaching business and the Eka name remain core for AkzoNobel's Specialty Chemicals business.

Werner Fuhrmann, AkzoNobel's Executive Committee member responsible for Specialty Chemicals, said: "We have concluded that our Paper Chemicals business will have a better fit with another owner, allowing us to focus on our strong chemical platforms. The Pulp and Performance Chemicals business will continue to focus on global leadership positions in pulp bleaching, colloidal silica and expandable microspheres."

The transaction is expected to be completed in approximately six months, subject to regular consultation with employee representatives and satisfactory closing conditions, such as receipt of required regulatory clearance.