The acquisition is expected to be sealed once the Chinese authorities have given their authority, with completion estimated to take place in the last quarter of 2011.
Boxing is a leading supplier in both China and throughout Asia of nitrile amines and derivatives, which can be used in a variety of industrial applications including personal care formulation.
Specializing in surfactants
It specializes in surfactants and supplies a portfolio of 100 ingredients and specializes in a range of amines, diamines and ammonium salts, together with oleic acid and glycerine.
Boxing was established in 1993 and had revenues of €100m last year. Its operations will now be integrated into the global operations of the AkzoNobel’s Surface Chemistry business.
This division is focused on the manufacture and supply of specialty surfactants, synthetic and bio polymer additives that are used as formulation ingredients and processing aids in many industrial sectors, including the personal care industry.
Tapping into demand for amines all over Asia
AkzoNobel says it wants to tap into demand for amines and derivatives in both Asia and China that is being driven by strong economic and population growth, an increasingly affluent middle class and the increased focus on sustainability.
“This is an excellent opportunity which couples our strategic ambition to accelerate growth in Asia with our commitment to locate production closer to our customers,” said Rob Frohn, AkzoNobel’s executive committee member responsible for Specialty Chemicals.
“Boxing’s leading market position in amines will complement AkzoNobel’s growing specialty surfactant business in Asia. The acquisition will also provide a strong local manufacturing operation in the region.”