Business sold to US agrichemical for €140 million

Finnish chemical company Kemira has sold its formic acid business to US agrichemical concern Taminco for €140 million (£117 million). The sale of this portion of the firm, including its feed and runway de-icing products, means that Kemira will now be focused solely on water treatment and separation chemicals.

Wolfgang Büchele, Kemira’s president and chief executive, said in a statement that the sale of the formic acid division will see the firm focus on three core areas: paper, oil and mining, and municipal and industrial water treatment. Kemira had revenues of €2.2 billion in 2012.