ARNHEM, Netherlands, Sept. 04, 2003 (PRIMEZONE) -- Akzo Nobel (Other OTC:AKZOF)(Nasdaq:AKZOY) intends to sell three businesses from its Chemicals portfolio to create more room to maneuver for the Company. Catalysts, Coating Resins and Phosphorus Chemicals will be divested. Hans Wijers, Chairman of the Board of Management, said: "Akzo Nobel will create value by moving towards a more consistent portfolio of businesses."
Added Wijers: "These planned divestments involve three excellent and profitable businesses and collectively they represent close to EUR 1 billion in sales. It will be clear from this that we expect to realize more than the EUR 0.5 billion announced in May this year but we are not in a race against the clock to sell. The priority is creating maximum value for Akzo Nobel and its shareholders, not how fast we can do this. By the same token, we will not drag our feet either, and I expect that offers made to us will reflect the value of the businesses concerned."
Note for the editor
Akzo Nobel, based in the Netherlands, serves customers throughout the world with healthcare products, coatings and chemicals. Consolidated sales for 2002 totaled EUR 14 billion. The Company currently employs approximately 66,000 people in more than 80 countries. Financial results for the third quarter will be published on October 17, 2003.
Internet: www.akzonobel.com
www.akzonobel-catalysts.com
www.akzonobelresins.com
www.phosphoruschemicals.com
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