(Adds details, analyst)
HELSINKI, July 8 Finnish chemicals company
Kemira said on Tuesday it would buy rival Akzo
Nobel's paper chemical business for 153 million euros
($209 million), a move analysts welcomed as a good deal.
Kemira said it expected more than 15 million euros in annual
synergies from the purchase of the unit.
"153 million euros is a good price from Kemira's point of
view, it gives good preconditions to create more shareholder
value," research firm Inderes analyst Antti Viljakainen said.
Last year, Akzo's paper chemical business had revenues of
243 million euros and operating profit before interest, taxes,
depreciation and amortisation (EBITDA) reached 23 million,
Kemira said. The bulk of its sales came from packaging board
The deal is expected to close in the first quarter of next
year, Kemira said.
($1 = 0.7331 Euros)
(Reporting by Sakari Suoninen; Editing by Sophie Walker)