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US food ingredients business Penford has completed the sale of its Australian and New Zealand businesses, just nine years after buying them.
Dutch multinational chemicals and coatings business AkzoNobel is buying Penford Australia through its US-based subsidiary National Starch.
In September, Penford sold its Onehunga-based New Zealand operation to a private investment company.
Penford’s Australian operation is at Lane Cove, Sydney, where it does specialty grain wet milling and makes corn-based starches.
“This is an excellent addition to our global portfolio and further strengthens our ability to support customers in the growing Asia-Pacific region,” said James Zallie, National Starch’s president and CEO.
“The 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 is currently in final review and is expected to close by the end of November. The price was not disclosed.
Colorado-based Penford acquired both companies from Goodman Fielder in 2000, then saying the deal would provide the company with additional product coverage and geographic diversification in the Asia Pacific area.