ARNHEM, The Netherlands, Oct. 10, 2002 (PRIMEZONE) -- Akzo Nobel (Nasdaq:AKZOY):
Akzo Nobel Coatings has announced the purchase of a 50% stake in the leading Mexican powder coatings producer, Industrial de Acabados, S.A. de C.V. (INDA). The new joint venture company, Akzo Nobel INDA, S.A. de C.V., will manufacture and market powder coatings products under the global Interpon(R) Powder Coatings brand from the existing INDA facilities in Monterrey, Mexico.
"This investment underlines our continuing commitment to the global expansion of our powder coatings business," said Rudy van der Meer, Member of Akzo Nobel's Board of Management responsible for Coatings. "Powder coatings is one of the important growth sectors of the world's coatings market, and one in which we already have a leading position. Mexico continues to grow in importance as a key industrial manufacturing base within the North American Free Trade Agreement (NAFTA) and this investment will open up significant opportunities for us."
Bill McPherson, General Manager of Akzo Nobel's business unit Powder Coatings continued: "Many of our international customers have located their manufacturing in Mexico. This investment reflects one particularly important aspect of our global strategy, which is to supply our customers with the powder coatings products and services that they need, wherever they operate. INDA is a well-established and well-respected supplier of powder coatings in Mexico. Not only does the new joint venture boost our capability of serving existing customers in Mexico, but our Interpon powder technologies, products and services are also a perfect fit with INDA's customer base."
Commented Enrique G. Meyer, President of Akzo Nobel INDA: "INDA is a pioneer company in the powder coatings industry in Mexico. We are sure that the association with Akzo Nobel will prove to be very beneficial in servicing our current customer base with new products and will permit us to grow in a wider spectrum of market segments."
Note for the editor
Akzo Nobel, based in the Netherlands, serves customers throughout the world with healthcare products, coatings and chemicals. Consolidated sales for 2001 totaled EUR 14 billion. The Company currently employs over 67,000 people in 80 countries. Financial results for the third quarter will be published on October 23, 2002.
Akzo Nobel manufactures thermosetting powder coatings at over 20 facilities around the world. Powder coatings are paint finishes supplied to the user in dry powder form, completely free from solvents. The object to be coated is electro-statically sprayed with the powder coating, and then heated in an oven to between 160 and 210 deg C - during which the powder coating melts, fuses and chemically cures to form a tough and durable coating film. The business operates under the common global business brand of Interpon(R) Powder Coatings. The Interpon product brand is marketed to finishers of architectural metal, automotive components, domestic appliances, as well as to a range of industrial market sectors, key amongst which are metal furniture and IT equipment. The Resicoat(R) product brand is marketed to the so-called "functional" markets, which include anti-corrosion protection for pipeline, valves and fittings, reinforcing steel (rebar) as well as electrical insulation for a range of electrical and electronic component industries.
Internet: www.akzonobel.com www.interpon.com www.resicoat.com
For more information please contact: Akzo Nobel Powder Coatings Ltd.
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