Nalco to sell off marine chemicals business

Nalco is to refine the focus of its business operations via the sale of its marine chemicals business unit for $41 million (26.4 million pounds).

Under the terms of the deal, assets relating to Nalco's Nalfleet division will be transferred into the ownership of Norway's Wilhelmsen Ships Service, although supply chain-related assets will not be affected.

Nalco's chairman and chief executive officer J Erik Fyrwald explained this move is being taken because Nalfleet is not a part of its central industrial water and process treatment operations.

"This sale allows Nalco to sharpen our focus on markets in which we have clear leadership positions with the best opportunities for success," he added.

The company expects the transaction will be completed at some point during the first quarter of 2011.

Last month, Nalco was recognised by the business publication Selling Power as being one of the best companies to sell for, marking the third year in a row it has been included in the magazine's rankings.