AMSTERDAM, THE NETHERLANDS--(Marketwired - Aug 8, 2013) - AkzoNobel today announced thatit has received a binding offer for the purchaseof its Building Adhesives business by Sika AG for EUR260 million. BuildingAdhesives generated annual revenues of EUR185 million in 2012.
The transaction, which is expected to be completed in the fourth quarter ofthisyear subject to regular consultation with employee representatives, willsee allof Building Adhesives' approximately 550 employees as well as its twomanufacturing facilities in Rosendahl (Germany) and Damville (France) anditsproducts and brands transfer to Swiss-based Sika AG.
The intended sale of Building Adhesives follows a strategic review of thebusiness' fit within AkzoNobel's portfolio. Building Adhesives is astandalonebusiness within AkzoNobel's Decorative Paints business area, primarilyservingthe professional market in North Western Europe with a portfolio of brandsandproducts including floor and wall leveling compounds, floor adhesives, tilesetting, sealants and floor finishes. Its respected brands includeSchönox,Casco, Cégécol, Synteko and EriKeeper. AkzoNobel's Wood Finishesand Adhesives business (which also operates under the Casco brand) is notthe subject of this offer.
"We want to focus our Decorative Paints business at AkzoNobel on the strongstrategic paint positions we have in Europe and the growth markets of AsiaandSouth America," commented AkzoNobel CEO Ton Büchner. "The intendedsale ofBuilding Adhesives is in line with this strategy. In Sika, with itsportfolio ofbusinesses in this industry, we are pleased to have found a good future home forthis business."
Jan Jenisch, CEO of Sika: "Sika is looking forward to welcoming thesuccessfulteam from the Building Adhesives business of AkzoNobel. The acquisitionwillmake Sika a strong player in the interior finishing construction market andwillcomplement our product range."
The proceeds will be used to repay short-term debt and improve liquidity.
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AkzoNobel is a leading global paints and coatings company and a majorproducerof specialty chemicals. We supply industries and consumers worldwide withinnovative products and are passionate about developing sustainable answersforour customers. Our portfolio includes well-known brands such as Dulux,Sikkens,International and Eka. Headquartered in Amsterdam, the Netherlands, we areconsistently ranked as one of the leaders in the area of sustainability.Withoperations in more than 80 countries, our 50,000 people around the worldarecommitted to excellence and delivering Tomorrow's Answers Today™.
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PDF Fille AkzoNobel Press Release 019e:http://hugin.info/130660/R/1721802/573569.pdf
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