AkzoNobel acquire coatings manufacturer, Schramm Holding AG
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AkzoNobel to acquire coatings manufacturer, Schramm Holding AG

3:17 PM, 30th June 2011
AkzoNobel to acquire coatings manufacturer, Schramm Holding AG
Leif Darner, Executive Committee member responsible for Performance Coatings, AkzoNobel.

AMSTERDAM, THE NETHERLANDS: AkzoNobel will acquire coatings manufacturer, Schramm Holding AG and the coatings activities operated by Schramm’s largest shareholder, Korean company SSCP. The deal will enable AkzoNobel to strengthen its global leadership position in specialty plastic coatings and is expected to close in the second half of the year.

Based in Germany and listed on the Hong Kong stock exchange, Schramm manufactures and markets coatings for plastics, metals and electrical insulation and has grown its business by 18 per cent annually over the last three years. The company’s revenue for 2010 totaled €115 million, with an EBITDA of €13.3 million.

“This acquisition underlines our determination to accelerate sustainable growth and build global leadership positions in our core markets. It offers an excellent opportunity for us to significantly boost our industrial coatings activities, particularly in Asia,” said Leif Darner, Executive Committee member responsible for Performance Coatings, AkzoNobel.

The acquisition will make AkzoNobel the global leader in specialty plastic coatings for mobile devices, laptops and TVs. It will also enhance their position in the market for adding colour and design to vehicle interiors, which is gaining momentum in China, the company informed.  

Under the terms of the transaction, Schramm’s shareholders will receive a voluntary conditional offer in cash for every Schramm share, valuing the share capital of the company at approximately €142 million. Schramm’s largest shareholder, SSCP, has entered into an irrevocable agreement with AkzoNobel to sell their outstanding shares in Schramm (70.5 per cent of the total holding), should the offer be accepted by shareholders.

Furthermore, AkzoNobel has entered into an agreement with SSCP regarding the purchase of SSCP’s carved-out coatings business based in Korea, subject to satisfactory due diligence, SSCP shareholder approval and closing and settlement of the voluntary conditional offer for Schramm Holding AG.

(C) WOC News

 

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