Akzo Nobel completes sale of its specialty chemicals business
As already announced in March, Akzo Nobel has sold its specialty chemicals business to U.S. private equity firm Carlyle Group and Singapore’s GIC for EUR 10.1 billion.
Previously, Akzo Nobel had been faced attempts by takeover bids by US-based rival PPG. While the Dutch coatings giant was successful in fending off a takeover, some stakeholders were not content with the company’s performance. Splitting up the chemicals business is part of Akzo Nobel’s strategy to regain stakeholder trust. The coatings manufacturer announced shareholders will receive EUR 5.5 billion, following completion of the sale of the Specialty Chemicals business.
Thierry Vanlancker, CEO of Akzo Nobel, commented: “Today is a key milestone in the history of AkzoNobel, creating a focused paints and coatings company, with market leading positions, strong global brands, and a clear strategy to create value for all our stakeholders.” Martin Sumner and Zeina Bain, Managing Directors at The Carlyle Group, added: “We are excited to invest in Specialty Chemicals and we are committed to growing the business and continuing to enhance its competitive position