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11-13-2009: AkzoNobel is to enhance its portfolio of sustainable technologies after signing an agreement with The Dow Chemical Company (Dow) to acquire its powder coatings activities. Financial details were not disclosed.
The deal will bring key technological know-how and significant synergy potential to AkzoNobel's Powder Coatings business, as well as enhancing the company's position in the US. The powder coatings activities were purchased by Dow earlier this year as part of its acquisition of Rohm & Haas. This business achieves global sales of several hundred million dollars and employs around 700 people.
"This is a strategic acquisition which will enable us to further penetrate key industrial coatings segments," explained Leif Darner, the AkzoNobel Board member responsible for Performance Coatings. "By adding new powder technologies to our extensive portfolio we will be even better equipped to lead the way in meeting the increasing demand for innovative products with strong environmental profiles."
Operating powder coatings factories in the US, Europe and China, Rohm & Haas developed several important new technologies - especially for the automotive and architectural segments - while the deal will also add MDF and thermoplastic capabilities to AkzoNobel's existing expertise.
"Our intention is to move towards a more dedicated approach, whereby sites concentrate on specific technologies," added Rob Molenaar, Managing Director of AkzoNobel Powder Coatings. "These planned manufacturing enhancements and synergies will deliver improved operational efficiency and ultimately enable us to better serve our customers worldwide."
The transaction is expected to close during the second quarter of 2010, subject to customary closing conditions, including regulatory approvals. Consultations with employee representatives will be held as and when appropriate.
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