The sale of the chemicals unit, the group's most profitable, was first mooted in January and was confirmed in last month's annual report as the CEO unveiled a new strategy focused around health.
Raisio, which is one of a small number of phytosterol producers in Europe -there are currently about 15 - has been making small increases in sales of its branded phytosterol ingredient Benecol but cannot afford to operate across so many sectors.
Divesting the chemicals business will allow the group to concentrate on developing new ingredients and products for the growing functional foods business. Raisio sees room for growth in the Baltic and east European food markets whereas it will lose competitive edge in a consolidating chemicals sector.
"There will be increasing consolidation going on in the paper chemicals area and we don't have the funds to be a major driver in this trend," Taru Narvanmaa, executive vice president of investor relations, told NutraIngredients.com last month.
The supervisory board of Raisio has now authorised sale of Raisio Chemicals and negotiations, already underway, are expected to be completed in the second or third quarter, the company said.