ARNHEM, The Netherlands, April 12, 2002 (PRIMEZONE) -- Akzo Nobel (Nasdaq:AKZOY) has signed a contract with NOF Corporation, Japan, to acquire the worldwide marine and aerospace coatings businesses of its subsidiaries, U.S. Paint and NOF Europe. The businesses, which produce the world-renowned AWLGRIP(r) brand for marine coatings systems, posted total sales of USD 30 million in 2001. Financial details of the deal were not disclosed.
"This acquisition fits perfectly into Akzo Nobel Coatings' expansion strategy," said Rudy van der Meer, member of the Akzo Nobel Board of Management responsible for Coatings. "Our global strategy for the pleasure marine paint business has always been to extend our position in the professional above-water Topsides segment. We have achieved just that with this purchase."
"Also, this acquisition will improve the position of our aerospace coatings in the corporate jet market, as well as our overall position in the global aerospace market," Van der Meer added.
U.S. Paint will retain its general industrial coatings business and its production site in St. Louis, Missouri. Under the terms of the deal, Akzo Nobel will acquire the marine business' sales and technical support unit in Antwerp, Belgium. Production of the marine and aerospace products will move to Akzo Nobel facilities in Europe and the United States in due course. In total, 34 employees will transfer to Akzo Nobel.
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 approximately 66,000 people in 80 countries. Financial results for the first quarter will be published on April 23, 2002.
Internet: www.akzonobel.com www.international-coatings.com www.akzonobelaerospace.com
This information was brought to you by Waymaker http://www.waymaker.net