Major Acquisition for Akzo Nobel in North American wood coatings market
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Akzo Nobel is to significantly broaden its position in the North American wood coatings market after signing an agreement to acquire Chemcraft Holdings Corporation, North America's largest privately-owned manufacturer of industrial wood coatings. Established in 1976, Chemcraft operates nine manufacturing facilities across the United States, Canada, and Brazil, employing around 500 people. The company's 2006 revenues were USD 145 million.
"This is a strategically important acquisition which will enable us to add scale and value in a number of key North American wood coatings markets," said Akzo Nobel CEO Hans Wijers. "Chemcraft is a perfect fit with the activities of our Industrial Finishes business and will considerably enhance our presence in several complementary markets."
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