AkzoNobel shareholders approve separation speciality chemicals biz

AkzoNobel shareholders approve separation of speciality chemicals biz

4:50 AM, 1st December 2017
AkzoNobel headquaters

AMSTERDAM, NETHERLANDS: AkzoNobel NV (AkzoNobel) said that its shareholders have approved the separation of its speciality chemicals business as part of its strategy to create two focused, high performing businesses; paints and coatings and speciality chemicals.

The appointment of new chief financial officer (CEO) Maarten de Vries as a member of the board of management, effective January 1 was also approved, in addition to the appointment of three new members to the AkzoNobel Supervisory Board: Sue Clark, Patrick Thomas, and Michiel Jaski.

Shareholder approval enables AkzoNobel to separate its speciality chemicals business through a private sale or legal demerger. The dual-track process ensures the appropriate flexibility necessary to obtain an optimal result for shareholders and other stakeholders as well as the certainty of execution.

As previously announced, AkzoNobel intends to return the vast majority of the net proceeds from the separation of Specialty Chemicals to its shareholders – starting with advance proceeds of €1 billion through a special cash dividend. The special dividend will be paid on December 7, 2017.

“We welcome Maarten de Vries to AkzoNobel. With his extensive international business experience, he will further strengthen the leadership of our company. Today marks a significant milestone in the transformation of AkzoNobel into two focused high performing businesses, which remains on track for April 2018,” said Thierry Vanlancker, CEO, AkzoNobel.

“This approval ensures we maintain momentum in the process to separate our Specialty Chemicals business. Our new appointments bring a wealth of new insight and experience to our Boards, supporting AkzoNobel to deliver sustainable growth and value creation,” added Antony Burgmans, chairman of the supervisory board.

© Worldofchemicals News

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