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Akzo Nobel acquires full ownership of Asian joint venture

Arnhem, the Netherlands, May 30, 2006 — Akzo Nobel has gained full control of its Asian Akzo Nobel Chang Cheng Coatings joint venture after acquiring the remaining shares. The transaction—which involved purchasing the outstanding 16.66% shares owned by main partner Chang Cheng Securities—means that the company now wholly owns its powder coatings operations located in China, Taiwan and Hong Kong. “As global leaders in this sector, expanding our activities in this part of the world has significant priority and taking complete control of the joint venture will help us to strengthen our position in the fastest growing powder market in the world”, explained Akzo Nobel CEO Hans Wijers, who is also the company’s Board member responsible for Coatings. Added Rob Molenaar, General Manager of Akzo Nobel’s Powder Coatings business: “We will continue to focus on serving our customers’ needs and expand our customer portfolio in the segments in which we excel. Taking full control of the joint venture we will not change that vision and focus. The very successful joint venture in China and Taiwan started in 1991. Our Asian operations today are operating in a truly global business environment. With this acquisition our global and domestic customers will continue to be able to achieve outstanding consistent quality.” The transaction, which is subject to regulatory approvals, involves a total of six sites, four of which are located in China. “Akzo Nobel is a top class employer with an extremely good global reputation and the business and its employees can only benefit from this transaction, which is a very good one for all concerned,” said Taiwanese entrepreneur and owner of Chang Cheng Securities, Jack Lee. “The joint venture has been a very successful one and the company can only continue to prosper now that the company is completely in the hands of such a respected and focused company.” It is expected that the transaction should be completed within the next six to eight weeks. Akzo Nobel – Global Leader in Coatings Akzo Nobel is the world’s largest coatings manufacturer. The company achieved global sales in coatings of EUR 5.56 billion in 2005 and command leading market positions in nearly all its coatings businesses. Akzo Nobel develops, manufactures and markets innovative, high quality products and services for most market segments. The company’s extensive portfolio includes decorative paints; products for industrial applications such as powder, wood, coil and specialty coatings; automotive refinishes; marine, protective and aerospace coatings; and coatings related products such as wood and building adhesives. Brands include global and household names such as Crown®, International®, Sikkens®, Interpon®, Levis® and Sadolin®. - - - Not for publication – for more information Akzo Nobel nv Corporate Media Relations, tel. +31 26 366 43 43 Contact: Holger Ebbighausen Note for the editor Akzo Nobel is a Global Fortune 500 company and is listed on both the Euronext Amsterdam and NASDAQ stock exchanges. It is also included on the Dow Jones Sustainability Indexes and FTSE4Good Index. Based in the Netherlands, we are a multicultural organization serving customers throughout the world with human and animal healthcare products, coatings, and chemicals. We employ around 61,500 people and conduct our activities in four segments − human and animal health, coatings and chemicals − subdivided into 13 business units, with operating subsidiaries in more than 80 countries. Consolidated revenues for 2005 totaled EUR 13.0 billion. The financial results for the second quarter will be published on July 20, 2006. Internet: www.akzonobel.com Safe Harbor Statement* This press release may contain statements which address such key issues as Akzo Nobel’s growth strategy, future financial results, market positions, product development, pharmaceutical 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 factors include, but are not limited to, price fluctuations, currency fluctuations, progress of drug development, clinical testing and regulatory approval, developments in raw material and personnel costs, pensions, physical and environmental risks, legal issues, and legislative, fiscal, and other regulatory measures. Stated competitive positions are based on management estimates supported by information provided by specialized external agencies. For a more comprehensive discussion of the risk factors affecting our business please see our Annual Report on Form 20-F filed with the United States Securities and Exchange Commission, a copy of which can be found on the company’s corporate website www.akzonobel.com. The 2005 Annual Report on Form 20-F will be available at the end of the second quarter of 2006. * Pursuant to the U.S. Private Securities Litigation Reform Act 1995.

Ämnen

  • Industri, tillverkning

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Linda von Platen

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