November 27, 2017
AkzoNobel has today agreed to acquire the business of V.Powdertech Co., Ltd., the leading Thai manufacturer of powder coatings, supplying a range of products for domestic appliances, furniture and general industrial applications, and currently employing more than 250 employees.
The acquisition of V.Powdertech will bring new technologies and services to complement AkzoNobel's global technology portfolio and business in market segments such as architectural and automotive coatings.
The transaction includes all relevant technologies, patents and trademarks, as well as a manufacturing plant in Samutsakhon, Thailand. In addition, the employees from V.Powdertech will be joining AkzoNobel, bringing with them product and market expertise to serve an expanded customer base in the region.
"We are pleased to welcome our new colleagues to AkzoNobel" said Ruud Joosten, AkzoNobel's COO of Paints and Coatings. "This business is an excellent strategic fit and will further strengthen our leading market positions in powder coatings in South East Asia. With V. Powdertech's strong brand, we will be able to offer a broader range of products and services to more customers and target new growth segments."
Completing this acquisition will secure the position of AkzoNobel as one of the largest powder coatings players in South East Asia. The valuable addition of V. Powdertech's state-of-the-art manufacturing plant further strengthens AkzoNobel's manufacturing foot print in fast growing markets in South East Asia, providing a solid foundation to accelerate profitable growth in the region.
The transaction is expected to be completed within the coming weeks.
- - -
AkzoNobel creates everyday essentials to make people's lives more liveable and inspiring. As a leading global paints and coatings company and a major producer of specialty chemicals, we supply essential ingredients, essential protection and essential color to industries and consumers worldwide. Backed by a pioneering heritage, our innovative products and sustainable technologies are designed to meet the growing demands of our fast-changing planet, while making life easier. Headquartered in Amsterdam, the Netherlands, we have approximately 46,000 people in around 80 countries, while our portfolio includes well-known brands such as Dulux, Sikkens, International, Interpon and Eka. Consistently ranked as a leader in sustainability, we are dedicated to energizing cities and communities while creating a protected, colorful world where life is improved by what we do.
Not for publication - for more information
|AkzoNobel Media Relations||AkzoNobel Investor Relations|
|T: +31 (0)88 969 7833||T +31 (0)88 969 7590|
|Contact: Diana Abrahams||Contact: Lloyd Midwinter|
Safe Harbor Statement
This press release contains statements which address key issues such as AkzoNobel's separation of its Specialty Chemicals business. Such statements should be carefully considered, and it should be understood that many factors could cause forecasted and actual results to differ from these statements. These factors include, but are not limited to, price fluctuations, currency fluctuations, developments in raw material and personnel costs, pensions, physical and environmental risks, legal issues, and legislative, fiscal, and other regulatory measures. Stated competitive positions are based on management estimates supported by information provided by specialized external agencies. For a more comprehensive discussion of the risk factors affecting our business please see our latest annual report, a copy of which can be found on our website: www.akzonobel.com.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/eecd8593-e0f7-44f0-9430-39c9c37ecc94
Source: Akzo Nobel Sourcing bv