AkzoNobel acquiring Australian specialty starch activities
AkzoNobel’s National Starch business is to boost its supply capability in the Asia Pacific region after agreeing to acquire Penford Australia Ltd’s specialty grain wet milling and manufacturing facility in Lane Cove. Financial details were not disclosed.
The deal, which also includes certain other intellectual property and assets of Penford’s Australian specialty starch business, will expand National Starch’s regional capability to supply specialty corn starches into food applications in the Asia Pacific region.
“This is a strategic investment in National Starch’s global portfolio which further strengthens the business’ ability to support customers in the growing Asia Pacific region,” said Rob Frohn, the AkzoNobel Board member responsible for Specialty Chemicals.
Added National Starch Managing Director Jim Zallie: “This addition to our global supply network will shorten our supply lines of specialty starches into Australia and Asia, improve our competitive advantage and enhance our ability to strengthen our leadership position in the region.”
The acquisition will add two new product lines to National Starch’s already extensive portfolio of specialty food starches. These include Penford’s “clean label” starch product technology – to complement National Starch’s world-leading NOVATION functional native food starches – and additional resistant starch products, which will expand the business’ product range for nutrition and health applications.
Final closure of the deal is expected before the end of the year.
This news content was configured by WebWire editorial staff. Linking is permitted.
News Release Distribution and Press Release Distribution Services Provided by WebWire.