AkzoNobel to divest its North American Decorative Paints business
Advertisement
AkzoNobel announced the divestment of its North American Decorative paints business to PPG Industries, Inc. (PPG), for the value of $1.05 billion.
The company made the decision to divest Decorative Paints North America following a four year turnaround. AkzoNobel has made the choice to focus its Decorative Paints Business Area on key markets in Europe and 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.
"This acquisition continues the accelerated pace of our business portfolio transformation through further expansion of our coatings businesses," said Charles E. Bunch, PPG chairman and CEO. "It is also an attractive way to significantly increase our scale in the North American paint market."
Most read news
Other news from the department business & finance
These products might interest you
Get the chemical industry in your inbox
By submitting this form you agree that LUMITOS AG will send you the newsletter(s) selected above by email. Your data will not be passed on to third parties. Your data will be stored and processed in accordance with our data protection regulations. LUMITOS may contact you by email for the purpose of advertising or market and opinion surveys. You can revoke your consent at any time without giving reasons to LUMITOS AG, Ernst-Augustin-Str. 2, 12489 Berlin, Germany or by e-mail at revoke@lumitos.com with effect for the future. In addition, each email contains a link to unsubscribe from the corresponding newsletter.
Most read news
More news from our other portals
Last viewed contents
Orica sells Adhesives and Resins Businesses
Noveon to Move Sancure(R) Polyurethane Dispersions to Avon Lake
NIST renews contract with Scott Specialty Gases to supply Standard Reference Materials
Borden Chemical Venture Opens New Production Facility in China
Lukoil to Build Polypropylene Factory in southern Russia
Great Lakes Further Expands Range of Flame Retardants for Flexible Polyurethane Foam
Omnexus Leveraged Technology Solution Gives Plastics and Chemical Companies their Own e-Commerce Capabilities
Makhteshim-Agan launches new products in the Australian market
QuestAir to supply hydrogen purification technology to Synthetic Fuels Plant