AkzoNobel sell North American decorative paints business PPG

AkzoNobel to sell North American decorative paints business to PPG

7:45 AM, 14th December 2012
AkzoNobel to sell North American decorative paints business to PPG
Ton Buchner, CEO, AkzoNobel.

AMSTERDAM, THE NETHERLANDS: AkzoNobel made the decision to divest decorative paints North America following a successful four year turnaround. AkzoNobel has made the strategic choice to focus its decorative paints business area on key markets in Europe and its strong positions in high growth regions. The cash proceeds of approximately $875 million will be deployed to support the company’s strategy. This includes investing in organic growth for AkzoNobel, and reducing net debt. More details on AkzoNobel’s priorities will be disclosed during the Strategy Update on 20 February 2013.

“Over the past four years, the team has done a great job in turning the North American Decorative Paints business around. We are convinced that Decorative Paints can get better returns from our leading positions in Europe and high growth markets. I am pleased that we have found a respected company to take over the business. This agreement is a good outcome for all stakeholders,” said Ton Buchner, CEO, AkzoNobel.

© 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

Praxair acquires PortaGas

DANBURY, US: Praxair Distribution Inc, a subsidiary of Praxair Inc, has acquired PortaGas Inc, a leading producer of portable cylinder gases for the s ...

Read more
Evonik, Umicore collaborate for lithium-ion cathode materials

BRUSSELS, BELGIUM/ESSEN, GERMANY: Evonik Litarion GmbH, subsidiary of Evonik Group, and Umicore have announced a business relationship for the supply ...

Read more
Levi’s commits to toxic-free fashion, joins Greenpeace Detox

SAN FRANCISCO, US: Levi’s, the world’s biggest denim brand, joins ten other clothing companies that have made credible commitments to Deto ...

Read more
Reverdia begins production of bio succinic acid in Cassano Spinola, Italy

GELEEN, THE NETHERLANDS: Reverdia, joint venture between DSM and Roquette Freres, has begun operations in Cassano Spinola, Italy, at a commercial-scal ...

Read more
Retinoblastoma proteins’ ability increases just before death

MICHIGAN, US: Researchers at Michigan State University have discovered a protein that does its best work with one foot in the grave. The study, which ...

Read more
Syngenta secures 94 per cent share in Devgen

BASEL, SWITZERLAND: Syngenta announced that, upon closing of the initial acceptance period of its bid for Devgen, 94.11 per cent of the total number o ...

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