AkzoNobel acquire coatings manufacturer, Schramm Holding AG

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




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

Tata Chemical Europe gets £150 million finance package

NORTHWICH, UNITED KINGDOM:  has backed a £150 million finance package for Tata Chemicals Europe (TCE). The funding will replace the company ...

Read more
Canpotex and Sinofert sign new contract

SASKATOON, CANADA: Canpotex Limited signed a contract with Sinofert Holdings Limited to supply 630,000 tonne of potash during the second half of calen ...

Read more
Gevo, Toray announce commercial progress for renewable PET

  ENGLEWOOD, US: Gevo Inc has successfully produced fully renewable and recyclable polyethylene terephthalate with its potential customer, Toray ...

Read more
Ube to launch commercial production of artificial micro carbon

  TOKYO, JAPAN: Ube Industries Ltd will start commercial production of proprietary artificial micro carbon (AMC). The company is currently proce ...

Read more
Toyo Engineering awarded contract for urea plant in India

TOKYO, JAPAN: Toyo Engineering Corporation has concluded a contract covering licensing and development of basic design for a urea production plant in ...

Read more
Bain-backed Trinseo files for IPO of up to $ 400 million

  NEW YORK, US: Plastics maker Trinseo S A, better known as Styron Corp, filed with US regulators on Monday to raise up to $ 400 million in an i ...

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