Illinois-based Corn Products International has bought former ICI subsidiary National Starch.

Dutch firm AkzoNobel has announced the sale of its National Starch business to Corn Products International in a $1.3 billion (£877m) deal.

The US food innovation company, National Starch, was previously part of chemicals giant ICI and manufactures many of the fat replacers and thickeners used in processed foods.

The firm has been bought by Corn Products, leading global provider for diversified industries based in Illinois.

AkzoNobel acquired National Starch as part of its takeover of ICI in 2008.

National Starch employs 2,250 workers across the world and in 2009, the company made $1.2bn in sales.

Hans Wijers, AkzoNobel CEO, said: “This transaction today marks the strong focus on our core business and confirms AkzoNobel’s transformation into the world’s largest global coatings and specialty chemicals company.

“We can look to the future with much confidence as we are well positioned to capture growth both organically and by selected acquisitions.”

Ilene Gordon, Chairman, President and CEO of Corn Products, added: “The acquisition aligns with our strategic priorities to grow our ingredient portfolio, increase our presence in priority food processing segments, enter new markets, and develop innovative solutions that better serve our customers.”