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AkzoNobel to divest its North American Decorative Paints business
AkzoNobel¡¯s Decorative Paints North America sold to PPG at a value of USD 1.05 billion.
AkzoNobel has announced the divestment of its North American Decorative Paints business to PPG Industries, Inc. (PPG). In 2011, the North American Decorative Paints business had revenues of USD 1.5 billion, around 7 % of AkzoNobel¡¯s total 2011 revenue.
The Netherlands-based company continues to have a strong presence in North America through its Performance Coatings and Specialty Chemicals businesses, with combined 2011 revenues of over USD 2.7 billion and close to 5,000 employees. The company made the decision to divest Decorative Paints North America following a successful four year turnaround. AkzoNobel has made the strategic choice to focus its Decorative Paints Business Area on key markets in Europe and its strong positions in high growth regions.Ton B¨¹chner, CEO of AkzoNobel said: "We are convinced that Decorative Paints can get better returns from our leading positions in Europe and high growth markets. I am pleased that we have found a respected company to take over the business. This agreement is a good outcome for all stakeholders."
Date Posted:17 December 2012
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