18 December 2006 – Akzo Nobel has agreed to sell its half share in Flexsys, the market leader in rubber industry chemicals, to its joint venture partner Solutia for an undisclosed sum.
The decision follows a restructuring of the Dutch group’s chemicals business and the focus on its core products. “Our stake in Flexsys no longer fitted in with our future growth plans and this deal will enable Solutia to build the business as the sole dedicated owner,” said Leif Darner, Akzo Nobel’s board member responsible for chemicals.
Flexsys was formed in May 1995 by Akzo Nobel and Monsanto, who combined their rubber chemicals businesses in the jv. The company, which employs 1000 people worldwide, turned over $600m last year. New sole owner Solutia was spun off from Monsanto in 1997.
