31 May 2011 Business
Industry news, June 2011
Paints and coatings firm AkzoNobel has found a buyer for is 76% stake in ICI Pakistan, a subsidiary that makes polyester fibre, soda ash and a variety of chemicals for the Pakistani market. Yunus Brothers, a Pakistan group operating in the cement and textiles industries, will pay $150 million (£96 million) for the business, which AkzoNobel picked up in 2008 in the wake of the disintegration of UK chemicals giant ICI. In 2011, AkzoNobel ring-fenced the paints and coatings part of ICI Pakistan as AkzoNobel Pakistan, which will remain a subsidiary of the company.
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