AkzoNobel acquires full ownership powder coatings venture in Egypt

AkzoNobel acquires full ownership of powder coatings venture in Egypt

5:42 AM, 28th July 2016
AkzoNobel acquires full ownership of powder coatings venture in Egypt

AMSTERDAM, NETHERLANDS: AkzoNobel NV has acquired full ownership of Akzo Nobel Powder Coatings SAE in Egypt. AkzoNobel previously owned a 60 percent equity stake in the venture company. The transaction forms part of the company's accelerated growth strategy for Egypt and the wider North Africa region.

As well as operating a state-of-the-art powder coatings plant in Cairo, Akzo Nobel Powder Coatings SAE also has a 90 percent stake in the trading firm Akzo Nobel Powder Coatings Trading SAE.

According to industry reports, the global powder coatings market is expected to grow at a compound annual growth rate (CAGR) of 6.8 percent from 2016 to 2020, to over $11 billion in value. Both volume and revenues are projected to grow, led by robust demand from the packaging, automotive, consumer goods, general industry, architectural and other sectors. The Middle East & Africa region continues to be a strong market for the industry.

Powder coatings are widely used in the buildings and infrastructure sector, as well as for pipelines in the oil and gas industry. The company’s powder products can also be found on Dubai Metro stations and at Smart Village in Egypt.

AkzoNobel is in the process of strengthening its footprint across the Middle East and North Africa region, having recently announced new joint ventures in UAE, Qatar and Oman, and recording double-digit growth in the region. The company also opened a new powder coatings plant to add to the $10 million facility opened in Dubai in 2014.

"This is an important step in our strategy to enhance our presence in the region," said Conrad Keijzer, AkzoNobel's executive committee member responsible for performance coatings. We are now taking our operations in Egypt and North Africa to the next level and consolidating our credentials as a leader in the powder coating sector."

"The full acquisition of Akzo Nobel Powder Coatings SAE will enable us to further strengthen our service levels and meet the growing demands of our customers. The advanced manufacturing plant will also add value to our operations, ensuring that we deliver cutting-edge and high-quality solutions for our customers," added Peter Tomlinson, managing director of AkzoNobel Middle East & performance coatings Africa.

© Worldofchemicals News



Your Comments (Up to 2000 characters)
Please respect our community and the integrity of its participants. WOC reserves the right to moderate and approve your comment.

Related News

CB&I bags Pertamina's refinery upgrade contract in Indonesia

THE WOODLANDS, US: Chicago Bridge & Iron Company NV (CB&I) said that it has been awarded the license and engineering design of a grassroots al ...

Read more
DyStar to build new global innovation center in China

NANJING, CHINA: DyStar Group said that it is setting up a new global innovation center at its production site of DyStar Nanjing Colours Co Ltd. It wil ...

Read more
Sabic, ExxonMobil plans petrochemical JV on US gulf coast

HOUSTON, US: Sabic and an affiliate of ExxonMobil Corporation said that they are considering the potential development of a jointly owned petrochemica ...

Read more
Technip bags subsea maintenance contract in UK

PARIS, FRANCE: Technip SA has been awarded a key contract by Repsol Sinopec Resources UK Limited for inspection, repair and maintenance (IRM) works on ...

Read more
PPG chairman to retire after 37 years

PITTSBURGH, US: PPG Industries said that its executive chairman of the board of directors Charles Bunch (66) will retire on 1 September after 37 years ...

Read more
Clariant unveils future textures for personal care

MUTTENZ, SWITZERLAND: Clariant International AG is making it easy for personal care brand owners to offer revolutionary mild beauty products that cont ...

Read more
www.worldofchemicals.com uses cookies to ensure that we give you the best experience on our website. By using this site, you agree to our Privacy Policy and our Terms of Use. X