AKZO Nobel NV, the world's biggest paint maker, agreed to buy Boxing Oleochemicals, China's leading nitrile amines and derivatives supplier, for an undisclosed sum.

The purchase is subject to approval of the Chinese authorities and is expected to be completed in the fourth quarter of this year, the Dutch company said in a statement yesterday.

"The demand for amines and derivatives is expected to increase significantly over the next few years, with a third of the Asian demand for amines coming from China alone," said Bob Margevich, managing director of Akzo's Surface Chemistry unit.

Source:Shanghaidaily.com