Akzo Nobel to divest its Nordic general industrial coatings to Kemira

29-Oct-2002

Akzo Nobel intends to divest its Nordic general industrial liquid coatings activities to Finnish chemical company Kemira. Financial details of the deal were not disclosed. The transaction is expected to be concluded by the end of this year. "Although the Nordic general industrial business has performed well, and has a strong market reputation, it is our view that it no longer fits within our product portfolio from a strategic perspective," said Rudy van der Meer, Member of Akzo Nobel's Board of Management responsible for Coatings. "Divesting this activity - which follows on from the sale of our general industrial activities in the United States and France earlier this year - should be seen against the background of our ambitious growth strategy for our core coatings activities, which will require considerable resources," Van der Meer added. The Nordic general industrial liquid coatings business - which is part of Akzo Nobel's business unit Industrial Coatings - had 2001 sales totaling EUR 17 million in Sweden, Finland, Norway, Denmark and Poland. General industrial liquid coatings are used to protect various manufactured products such as construction machinery and electrical supply equipment. The manufacturing of the general industrial coatings will transfer from Akzo Nobel's sites in Malmö (Sweden) and Wloclawek (Poland) to Kemira's coatings manufacturing facilities within 18 months. Employee representative bodies and unions have been informed about the intention to divest and consultation procedures will commence shortly, where applicable. The required regulatory approvals will be sought as and when appropriate.

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