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.

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