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



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

Honeywell acquires fire and gas safety systems provider SCAME

ATLANTA, US: Honeywell HON) has acquired privately held SCAME Sistemi Srl, adding new fire and gas safety capabilities to Honeywell's industry-leading ...

Read more
Clariant presents new trends to personal care industry in India

MUMBAI, INDIA: Clariant for the first time in India has introduced its nature-inspired new active ingredients to provide dedicated, customized support ...

Read more
BASF opens world-scale chemical catalysts plant in China

CAOJING, CHINA: BASF SE has officially opened its new, world-scale chemical catalysts manufacturing plant in Caojing, Shanghai, China. The new plant i ...

Read more
Novamont doubles biopolyesters production in Italy

NOVARA, ITALY: Novamont has launched the second phase of the project to redevelop the Mater-Biopolymer plant in Patrica (FR), doubling the production ...

Read more
Archroma's EarthColors selected by G-Star RAW for denim jeans

REINACH, SWITZERLAND: Archroma announced its first-ever collaboration with G-Star RAW. G-Star RAW recently introduced a new capsule collecti ...

Read more
Honeywell technology used to expand KIPIC Al-Zour refinery

DES PLAINES, US: Honeywell International Inc (HON) said that Kuwait Integrated Petroleum Industries Company (KIPIC) will use a range of process techno ...

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