Akzo Nobel acquires full ownership of Asian joint venture

31-May-2006
Akzo Nobel has gained full control of its Asian Akzo Nobel Chang Cheng coatings joint venture after acquiring the remaining shares. The transaction - which involved purchasing the outstanding 16.66% shares owned by main partner Chang Cheng Securities - means that the company now wholly owns its powder coatings operations in China, Taiwan and Hong Kong. The transaction, which is subject to regulatory approvals, involves a total of six sites, four of which are located in China. "As global leaders in this sector, expanding our activities in this part of the world has significant priority and taking complete control of the joint venture will help us to strengthen our position in the fastest growing powder market in the world," explained Akzo Nobel CEO Hans Wijers, who is also the company's Board member responsible for Coatings.

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