ARNHEM, The Netherlands, Dec. 6, 2002 (PRIMEZONE) -- Akzo Nobel Base Chemicals has reached an agreement with the German group TUI to take full ownership of ECI Elektro-Chemie GmbH (ECI). Akzo Nobel (Nasdaq:AKZOY) and TUI each had a 50% stake in the German company. The acquisition will take place with retroactive effect from October 1, 2002.
ECI produces chlorine, caustic soda and derivative products, both in Bitterfeld and Ibbenburen. The company has total annual sales of EUR 90 million and employs approximately 240 people.
According to Dag Stromqvist, Member of Akzo Nobel's Board of Management responsible for Chemicals: "The purchase of the remaining 50% of ECI fits us well. This is a strong cash generator and reinforces Base Chemicals' position on the German market substantially. In particular we improve our position in caustic soda and water treatment products. With full ownership of ECI we can capitalize on important synergy benefits."
Akzo Nobel Base Chemicals plays an important role in Western Europe in the production of chlorine, caustic soda and related chemicals. The business has two production sites in Sweden, at Bohus and Skoghall, and three in the Netherlands at Delfzijl, Hengelo and Rotterdam. Base Chemicals employs around 1,600 people and has annual sales of EUR 465 million.
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 more than 80 countries. Financial results for the full year 2002 will be published on February 11, 2003.
Internet: www.akzonobel.com www.basechemicals.com For more information please contact: Akzo Nobel Base Chemicals Paul van der Boor, Manager Communications tel. +31 33 467 65 56 This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: www.waymaker.net/bitonline/2002/12/06/20021206BIT00080/wkr0001.doc www.waymaker.net/bitonline/2002/12/06/20021206BIT00080/wkr0002.pdf