AkzoNobel to divest Building Adhesives business to Sika AG for EUR260 million

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 
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