Akzo Nobel to divest solar cell production venture

11-Apr-2006
Akzo Nobel has agreed to sell its pioneering Helianthos solar cell production venture to Dutch energy company Nuon. Financial details have not been disclosed. Helianthos was operated together with Shell Solar to pave the way for the commercial manufacture of flexible solar cells, with the partnership ending just over 12 months ago after Shell changed the focus of its strategy. Following Akzo Nobel's own strategic realignment of its chemicals portfolio, it has now been decided that the business will have better prospects for growth and development in the hands of a new owner. "Although this is an exciting venture which utilizes new technology with excellent market potential, it no longer fits in with our refocused activities," explained Leif Darner, the company's Board member responsible for Chemicals. "It was important that we found a new owner who could fully exploit Helianthos' very promising long-term prospects and we are confident that Nuon will be able to successfully take the program forward." Details regarding the transfer of employees to the new owner are being discussed, with the transaction expected to be finalized in the second quarter of 2006. Unions and employee representative bodies have been informed and consultation procedures will begin shortly, where applicable. Regulatory approvals will also be sought as and where appropriate.

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