Akzo Nobel completes divestment of Casco Impregnated Papers
Akzo Nobel and Deutsche Beteiligungs AG and Harvest Partners Inc. have closed the deal concerning the divestment of Akzo Nobel's Impregnated Papers business. Taking into account certain adjustments, a cash and debt free amount of EUR 112 million was involved in the transaction. "This is another step in the continuous pruning and upgrading of the Akzo Nobel portfolio. It also contributes to the debt reduction program for 2003," said CFO Fritz Fröhlich. "Our aim is to reduce Akzo Nobel's net debt by at least EUR 250 million this year."
Casco Impregnated Papers is a major global supplier of surfacing materials for applications in the woodworking, furniture, flooring and automotive industries. The company is active in 45 countries and posted total worldwide sales of EUR 265 million in 2002. All 900 employees worldwide will move with the business to the new owners.
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