Press release -
AkzoNobel acquires full ownership of Chinese decorative paints joint venture
AkzoNobel acquires full ownership of Chinese decorative paints joint venture Akzo Nobel N.V. (AKZA; AKZOY) has signed and closed the acquisition of Swire Industrial Limited’s minority interest in the AkzoNobel Swire Paints (ANSP) joint venture. Having held the majority share in the decorative paints joint venture since 1989, AkzoNobel has now acquired full ownership.
This acquisition strengthens AkzoNobel’s leading position in the Chinese decorative paints market while also increasing the flexibility to further develop the business.
Thierry Vanlancker, CEO of AkzoNobel, said: “China has been, and continues to be, a strategic growth market for AkzoNobel. The timing of this acquisition is perfect. It will strengthen our leading position and help drive our value creation ambition for China. It also supports our ongoing transformation into a focused paints and coatings company and gives further momentum to our strategy of achieving 15% return on sales by 2020.
” Ruud Joosten, COO of AkzoNobel, added: “We would like to thank Swire for the constructive and strong partnership we’ve had over the last three decades. The ANSP joint venture has well established sales channels, strong brand recognition and a high level of innovation. We look forward to maintaining this successful path and continuing to serve our customers with top quality brands.
” The ANSP joint venture manufactures and distributes decorative paints, primarily under the Dulux brand. Manufacturing plants are located at Guangzhou (including a 10% joint venture with a local partner), Shanghai, Langfang and Chengdu.
AkzoNobel creates everyday essentials to make people’s lives more livable 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 colour 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 45,000 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.
