AkzoNobel to divest Building Adhesives business to Sika AG for EUR260 million AMSTERDAM, THE NETHERLANDS -- (Marketwired) -- 08/08/13 -- AkzoNobel today announced that it has received a binding offer for the purchase of its Building Adhesives business by Sika AG for EUR260 million. Building Adhesives generated annual revenues of EUR185 million in 2012. The transaction, which is expected to be completed in the fourth quarter of this year subject to regular consultation with employee representatives, will see all of Building Adhesives' approximately 550 employees as well as its two manufacturing facilities in Rosendahl (Germany) and Damville (France) and its products and brands transfer to Swiss-based Sika AG. The intended sale of Building Adhesives follows a strategic review of the business' fit within AkzoNobel's portfolio. Building Adhesives is a standalone business within AkzoNobel's Decorative Paints business area, primarily serving the professional market in North Western Europe with a portfolio of brands and products including floor and wall leveling compounds, floor adhesives, tile setting, sealants and floor finishes. Its respected brands include Schoenox, Casco, Cegecol, Synteko and EriKeeper. AkzoNobel's Wood Finishes and Adhesives business (which also operates under the Casco brand) is not the subject of this offer. "We want to focus our Decorative Paints business at AkzoNobel on the strong strategic paint positions we have in Europe and the growth markets of Asia and South America," commented AkzoNobel CEO Ton Buechner. "The intended sale of Building Adhesives is in line with this strategy. In Sika, with its portfolio of businesses in this industry, we are pleased to have found a good future home for this business." Jan Jenisch, CEO of Sika: "Sika is looking forward to welcoming the successful team from the Building Adhesives business of AkzoNobel. The acquisition will make Sika a strong player in the interior finishing construction market and will complement our product range." The proceeds will be used to repay short-term debt and improve liquidity. - - - AkzoNobel is a leading global paints and coatings company and a major producer of specialty chemicals. We supply industries and consumers worldwide with innovative products and a re passionate about developing sustainable answers for our customers. Our portfolio includes well-known brands such as Dulux, Sikkens, International and Eka. Headquartered in Amsterdam, the Netherlands, we are consistently ranked as one of the leaders in the area of sustainability. With operations in more than 80 countries, our 50,000 people around the world are committed to excellence and delivering Tomorrow's Answers Today(TM). Not for publication - for more information Safe Harbor Statement This press release contains statements which address such key issues as AkzoNobel's growth strategy, future financial results, market positions, product development, 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, 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 latest Annual Report, a copy of which can be found on the company's corporate website www.akzonobel.com. PDF Fille AkzoNobel Press Release 019e: http://hugin.info/130660/R/1721802/573569.pdf This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Akzo Nobel NV via Thomson Reuters ONE [HUG#1721802] Corporate Media Relations tel. +31 20 502 7833 Contact: Stephen Hufton Corporate Investor Relations tel. +31 20 502 7854 Contact: Jonathan Atack, Lindsey Sanders
AkzoNobel to divest Building Adhesives business to Sika AG for EUR260 million
Press spacebar to pause and continue. Press esc to stop.