AkzoNobel to divest Building Adhesives business to Sika AG for ?260 million
(Thomson Reuters ONE) -
August 8, 2013
AkzoNobel today announced that it has received a binding offer for the purchase
of its Building Adhesives business by Sika AG for ?260 million. Building
Adhesives generated annual revenues of ?185 million in 2012.
The transaction, which is expected to be completed in the fourth quarter of this
year subject to regular consultation with employee representatives, will see all
of Building Adhesives' approximately 550 employees as well as its two
manufacturing facilities in Rosendahl (Germany) and Damville (France) and its
products and brands transfer to Swiss-based Sika AG.
The intended sale of Building Adhesives follows a strategic review of the
business' fit within AkzoNobel's portfolio. Building Adhesives is a standalone
business within AkzoNobel's Decorative Paints business area, primarily serving
the professional market in North Western Europe with a portfolio of brands and
products including floor and wall leveling compounds, floor adhesives, tile
setting, sealants and floor finishes. Its respected brands include Schönox,
Casco, Cégécol, Synteko and EriKeeper. AkzoNobel's Wood Finishes and Adhesives
business (which also operates under the Casco brand) is not the subject of this
offer.
"We want to focus our Decorative Paints business at AkzoNobel on the strong
strategic paint positions we have in Europe and the growth markets of Asia and
South America," commented AkzoNobel CEO Ton Büchner. "The intended sale of
Building Adhesives is in line with this strategy. In Sika, with its portfolio of
businesses in this industry, we are pleased to have found a good future home for
this business."
Jan Jenisch, CEO of Sika: "Sika is looking forward to welcoming the successful
team from the Building Adhesives business of AkzoNobel. The acquisition will
make Sika a strong player in the interior finishing construction market and will
complement our product range."
The proceeds will be used to repay short-term debt and improve liquidity.
- - -
AkzoNobel is a leading global paints 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
consistently ranked as one of the leaders in the area of sustainability. With
operations in more than 80 countries, our 50,000 people around the world are
committed to excellence and delivering Tomorrow's Answers Today(TM).
Not for publication - for more information
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Relations, tel. +31 20 502 7854
Contact: Stephen Hufton Contact:
Jonathan Atack, Lindsey Sanders
Safe Harbor Statement
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AkzoNobel's growth strategy, future financial results, market positions, product
development, products in the pipeline, and product approvals. 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
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PDF Fille AkzoNobel Press Release 019e:
http://hugin.info/130660/R/1721802/573569.pdf
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[HUG#1721802]
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Datum: 08.08.2013 - 07:01 Uhr
Sprache: Deutsch
News-ID 285824
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