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Akzo Nobel expanding coatings activities in the Czech Republic

27 Apr 2006 - Akzo Nobe is continuing to build its position in Central Europe having signed an agreement to acquire Balakom a.s., one of the leading paint companies in the Czech Republic. Based in Opava in the Czech Republic, the purchase of Balakom - which was established in 1907 - will substantially increase Akzo Nobel's domestic market share and provide a solid base for further expansion.
 
Balakom - which has 183 employees - produces paints, varnishes, enamels and lacquers, as well as powder coatings. Sales, which are mainly in the domestic market, totaled EUR 16 million in 2005. The transaction - for which regulatory approvals are being sought - represents the latest in a series of deals involving Akzo Nobel Decorative Coatings, with acquisition agreements having also been signed in the Ukraine, China, Switzerland and Germany during recent months. Akzo Nobel has also made an offer to acquire Sico Inc., Canada's leading coatings company.