AkzoNobel completes demerger of Pakistan activities
(Thomson Reuters ONE) -
June 14, 2012
AkzoNobel has completed the restructuring of its activities in Pakistan by
formally establishing AkzoNobel Pakistan Limited as a separate legal entity from
ICI Pakistan. As previously announced, the split means that the company has
started the formal sale process to divest its 75.81% shareholding in ICI
Pakistan.
The new AkzoNobel Pakistan Limited business is focused on three core areas -
Decorative Paints, Performance Coatings and Specialty Chemicals. An appropriate
management and organizational structure is currently being finalized, with
Jehanzeb Khan having been appointed as its CEO.
"Pakistan offers clear opportunities for the future and we are committed to
realizing our growth ambitions through these more strategically focused
activities," explained Leif Darner, AkzoNobel's Executive Committee member
responsible for the Middle East. "ICI Pakistan remains an attractive proposition
with a number of strong businesses and we are confident that we will find a new
owner better suited to achieving their obvious potential."
The coatings activities of ICI Pakistan were transferred to the newly-formed
AkzoNobel Pakistan Limited through a legal process of demerger. ICI Pakistan's
business now comprises polyester fiber, soda ash, life sciences and chemicals.
- - -
AkzoNobel is the largest global paint and coatings company and a major producer
of specialty chemicals. We supply industries and consumers worldwide with
innovative products and are passionate about developing sustainable answers for
our customers. Our portfolio includes well known brands such as Dulux, Sikkens,
International and Eka. Headquartered in Amsterdam, the Netherlands, we are a
Global Fortune 500 company and are consistently ranked as one of the leaders in
the area of sustainability. With operations in more than 80 countries, our
55,000 people around the world are committed to excellence and delivering
Tomorrow's Answers Today(TM).
Not for publication - for more information
Corporate Media Relations, tel. +31 20 502 7833 Corporate Investor
Relations, tel. +31 20 502 7856
Contact: Oskar Bosson Contact:
Jonathan Atack, Ivar Smits
Pdf file AkzoNobel press release:
http://hugin.info/130660/R/1619591/517303.pdf
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Source: Akzo Nobel NV via Thomson Reuters ONE
[HUG#1619591]
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Datum: 14.06.2012 - 08:00 Uhr
Sprache: Deutsch
News-ID 156412
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